Benchmark analyst Fawne Jiang lowered the firm’s price target on PDD Holdings to $185 from $230 and keeps a Buy rating on the shares following the company’s “mixed” Q2 results. While revenue fell short of consensus, profitability exceeded expectations, notes the analyst, who also points out that the company has guided for slower growth due to heightened domestic competition and ongoing international uncertainties. Despite the shift from a “beat and raise” narrative to a more uncertain outlook, the firm believes that PDD’s fundamentals are “not broken” and it thinks the market is “overreacting,” the analyst tells investors.