大行评级丨花旗：上调拼多多目标价至170美元 维持“买入”评级

Core Viewpoint - Citigroup's research report indicates that Pinduoduo's third-quarter non-GAAP operating profit and net profit performance exceeded both the bank's and market expectations by 3% and 10%, as well as 21% and 25% respectively [1] Group 1 - Management reiterated its commitment to building a long-term sustainable and healthy ecosystem through a 100 billion yuan tax reduction and a 1 trillion yuan support plan [1] - Citigroup raised its target price from $167 to $170, maintaining a "Buy" rating, believing that the current valuation level is not high [1]