0404 GMT - PDD's recovery path might be "painful," according to Deutsche Bank in a research note. The company continues to struggle but its 2Q result wasn't as weak as expected, DB says. Management continues to frame elevated expenditure as strategic investment designed to strengthen merchants, improve platform health and build sustainable competitive advantages, the bank says. A sharp recovery is unlikely, especially if its elevated spending is primarily addressing competitive challenges, merchant dissatisfaction, customer retention issues or regulatory concerns, the bank says. DB has a hold rating but raises the target price on PDD ADRs to $105.00 from $95.00. Its ADRs last traded at $87.07.