American depositary receipts (ADRs) of Temu and Pinduoduo parent PDD Holdings (PDD) rose 1.4% Monday as Jefferies𓄧 analꦍysts upgraded their rating and price target for the e-commerce firm, citing gains in market share.

The analysts upgraded their rating of PDD to "buy" from "hold" and raised the 澳洲幸运5官方开奖结果体彩网:price target to $157, up from the firm's previous level💮 of $117 and well above PDD's closing price Monday of $111.89.

Jefferies analysts said the upgrade came as they "believe that concerns on geopolitical risks are priced in, and Temu's market share gain story in domestic and overseas markets is intact."

They projected total revenue in the company's fiscal fourth quarter of 2023 could grow 16% from the prior quarter and double from the year-ago period. The analysts estimated PDD's 澳洲幸运5官方开奖结果体彩网:gross merchandise value (GMV) could increase to $8 billion in the fourth quarter from $5 billioꦬn in the prior 💦quarter.

PDD hasn't announced a date yet for its fiscal fourth-quarter earnings report, but it's expected in mid-March, in line with the prior year's report for that quarter.

Interest in Temu has climbed in the U.S., with Temu recently 澳洲幸运5官方开奖结果体彩网:buying Super Bowl commercials to appe🐬al to American consumers. Jefferies analysts said "we believe the recent Super Bowl event will drive consumer mindshare on Temu" and projected that Temu will continue to expand in other countries as well, raising its non🥀-U.S. share of GMV to about 66% in the 2024 fiscal year.

ADRs of PDD closed 1.4% higher Monday. They've fallen 23% since the start of 2024, though they've gained close to 23% over the past year.