[Bank of America Securities lowers Pinduoduo's target price to $170, outlook guidance shocks investors] According to Jinshi Data on August 27, Bank of America Securities issued a report stating that Pinduoduo's (PDD.O) second-quarter results were mixed. Although earnings showed more solid momentum than its peers, management was very conservative about the outlook for growth and earnings in the second half of the year and beyond. The bank said that Pinduoduo's management proposed a number of inevitable trends, including further slowdown in revenue, declining long-term profitability, and no short-term capital return plan, which shocked investors and caused the stock price to fall by about 30% overnight. The bank agreed that Pinduoduo's management guidance more clearly reflects the situation and the extent of the impact. The overall trend shows that the guidance is in line with peer observations and performance comments, and is reasonable considering the company's revenue mix shifting to the TEMU platform with lower profitability. Reflecting the company's failure to escape macro headwinds and announcing a 10 billion yuan rebate to build a healthy merchant ecosystem, the bank lowered its revenue forecast for Pinduoduo from this year to 2026 by 7% to 14% and its non-GAAP net profit forecast by 3% to 20%. The bank lowered Pinduoduo's target price from US$206 to US$170 and maintained a buy rating. (Reprinted from: Jinshi Data)