[Macquarie: Downgrade Pinduoduo's rating to "neutral" and cut target price to $126] According to Jinshi Data on August 27, Macquarie's research report pointed out that Pinduoduo's (PDD.O) rating was downgraded from "outperform" to "neutral" to reflect the company's bleak earnings outlook. The bank believes that although Pinduoduo can maintain its domestic market share, the company is currently accelerating brand promotion to ensure the quality of the ecosystem. The bank said that its positive perception of the long-term positioning of the international e-commerce platform Temu remains unchanged, but believes that the market needs more time to include Temu in its valuation. Macquarie raised its earnings forecasts for this year and next by 15% and 23% respectively to reflect Temu's improved cost control and higher interest income forecasts, but this was partially offset by higher local investment, and lowered the valuation basis from the forecast of 20 times this year's price-to-earnings ratio to 10 times, which is similar to domestic e-commerce peers, to reflect the deterioration of future profitability visibility. The target price was correspondingly cut by 43% from US$220 to US$126. (Reprinted from: Jinshi Data)