Pinduoduo closed up 6.6%, and its share price soared 9.4% in the session, breaking through the $100 mark, with a market value of nearly $120 billion. Piyush mubayi, an analyst at Goldman Sachs, raised pinduoduo’s rating from “neutral” to “buy” and raised its target price from $73.1 to $123. < p > < p > Goldman Sachs analyst Piyush mubayi raised pinduoduo’s rating from “neutral” to “buy” and raised its target price from $73.1 to $123. < / P > < p > the analyst pointed out that in the third quarter, the company’s new product “buy more vegetables” further increased the purchase frequency of consumers. As a result, the utilization rate of users on the platform also gradually increased, with the total use time of users reaching 531 billion minutes, an increase of nearly 101% over last year. < / P > < p > in addition, mubayi added that pinduoduo has shown substantial improvement in user engagement, with pinduoduo’s service platform accounting for 41% of the total usage time of China’s e-commerce service platform users, up from 34% in the second quarter and 29% in last year. Its daily average users are still higher than Alibaba and Jingdong. In addition, Goldman Sachs said pinduoduo’s gross value of goods sold (Gmv) growth could rebound to 69% in the third quarter to 421 billion yuan (US $63 billion). According to China’s Internet trends in the third quarter, revenue from advertising, local services and cloud services may recover month on month, while growth in e-commerce, games and entertainment may slow down, mubayi said. < / P > < p > he said pinduoduo’s Gmv and user indicators are likely to improve because “we expect active buyers to grow steadily, with a month on month increase of 35 million to 718 million. This is the first time it has exceeded 700 million. ” Global Tech

By ibmwl