PDD Holdings Inc. (NASDAQ:PDD) is Zhang Lei’s largest holding, accounting for 27.76% ($1.14 billion) of the billionaire’s total portfolio. We recently published a list of youngest hedge fund billionaires and their top stock picks.
As of February 13, 2026, about 70% of analysts who cover PDD Holdings Inc. (NASDAQ:PDD) are still bullish. The consensus price target of nearly $150 indicates a 50% upside, suggesting that investor confidence remains strong despite regulatory and competitive headwinds.
This optimism stands in contrast to Citi’s more cautious tone on January 28, 2026, when the firm lowered its price target on PDD Holdings Inc. (NASDAQ:PDD) from $170 to $142 and kept a ‘Neutral’ rating. Citi noted that improving U.S. traffic at Temu helped partially offset the pressure on profitability in 2026 amid slowing domestic retail demand and rising expenses.
Previously, on January 21, 2026, Citi described a Rmb 100,000 Shanghai tax fine as “smaller-than-feared,” arguing that it was the removal of an overhang. Before that, on January 20, 2026, after it heard about a growing regulatory investigation, Citi issued a downside 30-day catalyst watch.
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Separately, on January 15, 2026, Morgan Stanley reiterated an ‘Overweight’ rating on PDD Holdings Inc. (NASDAQ:PDD) and a $148 price target while removing the stock from its “Top Pick” list due to growing internet regulatory risks in China.
PDD Holdings, Inc., a global commerce group, operates digital marketplaces supported by integrated sourcing, logistics, and fulfillment networks, with the aim of enhancing productivity for merchants and consumers across domestic and international markets.
While we acknowledge the potential of PDD as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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