麦格理降拼多多今明两年盈测 目标价下调至126美元

Core Viewpoint - Macquarie has downgraded its earnings forecast for Pinduoduo for the next two years and reduced the target price to $126 due to weak first-quarter performance and challenges in revenue growth and monetization [1] Group 1: Financial Performance - Pinduoduo's first-quarter revenue was 14% lower than Macquarie's expectations and 8% below market expectations [1] - Adjusted net profit margin was down by 2.3 and 9 percentage points compared to Macquarie's and market forecasts respectively [1] Group 2: Future Outlook - Macquarie anticipates that Pinduoduo's revenue growth will lag behind GMV growth and face monetization challenges, leading to a decrease in short-term attractiveness [1] - The firm believes that the current valuation level reflects most of the downside risks, maintaining an outperform rating despite the challenges [1] Group 3: Earnings Forecast Adjustment - Macquarie has lowered its earnings forecasts for 2025 and 2026 by 17% and 6% respectively [1] - The target price for Pinduoduo has been reduced from $153 to $126 [1]