What happened Shares of Pinduoduo (NASDAQ: PDD) leaped 12.7% on Friday, following a series of analyst upgrades and price target hikes. So what Following the Chinese social commerce platform's stronger-than-expected third-quarter financial results, Bank of America analyst Joyce Ju upgraded her rating on Pinduoduo's stock from neutral to buy and placed a $150 price target on its shares. JPMorgan analyst Alex Yao also upgraded the stock from neutral to overweight and doubled his price forecast to $160. Meanwhile, KeyBanc analyst Hans Chung reiterated his overweight rating and boosted his share price estimate from $110 to $160. Pinduoduo stock price continued its ascent on Friday. Image source: Getty Images. These analysts cited Pinduoduo's improving profitability, strong user growth, and massive addressable market as reasons for their optimism. In turn, they see tremendous room for continued gains in the coming years. Yao, for one, expects Pinduoduo to grow revenue by 60% and 40% in 2021 and 2022, respectively. Now what China's e-commerce industry is enormous. The Middle Kingdom's online retail sales will exceed $6.5 trillion by 2023, up from $3.5 trillion in 2019, according to eMarketer. With $215 billion gross merchandise volume -- essentially, the total amount of goods sold on its platform -- Pinduoduo has long runways for growth still ahead in this huge and fast-growing market. 10 stocks we like better than Pinduoduo Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Pinduoduo Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of October 20, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source