Why Pinduoduo Stock Popped Today

Shares of Pinduoduo (NASDAQ: PDD) popped as much as 14% today after getting a bullish initiation from Wall Street. Bernstein commenced coverage of Pinduoduo with an outperform rating and assigned a price target of $210, which represents 22% upside from Friday's closing price. "Armed with generous access to capital, massive troves of data, and access to consumers via push notifications, our companies have long track records of creating new markets," the analyst wrote in a research note to investors.