U.S.-listed shares of Chinese e-commerce company Pinduoduo Inc. /zigman2/quotes/208876581/composite PDD -3.62% were the subject of a downgrade Sunday following their 45% surge thus far in May and their roughly 100% climb over the past three months. Jefferies analyst Thomas Chong lowered his rating on the stock to hold from buy while upping his price target to $62.50 from $40.30. "We consider that the positives are in the price following better than expected 1Q results," Chong wrote, as the company showed off improvements in its take rate and adoption of its online marketing services following some scaling back of spending due to COVID-19. He thinks the company now faces "high expectations" in the upcoming quarters. Its U.S.-listed shares have roughly doubled over the past three months, as the KraneShares CSI China Internet ETF /zigman2/quotes/205873167/composite KWEB -0.80% has lost 0.9% and as the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.72% has dropped 5.2%.