Benchmark Reiterates Buy Rating on JD.com, Inc (JD)

Benchmark analyst Fawn Jiang reiterated a Buy rating and $47.00 price target on JD.com, Inc (NASDAQ: JD).

The analyst commented: "Despite overall soft consumption backdrop in 3Q, we anticipate JD GMV to track above our previous expectations, driven by a recovery in 3C & home appliance categories, supported by favorable trade-in subsidies. As a result, we have raised our 3Q revenue growth projection to 4.7% y/y (up from 3.9% y/y). Looking ahead, with the introduction of stimulus consumption vouchers alongside the ongoing trade-in program, we expect JD to leverage improving consumer sentiment and pursue growth more aggressively, evidenced by the early launch of its Double 11 promotion. While this may limit earnings upside in Q4, it positions the company well for accelerated growth. As such, we have raised our 4Q revenue growth projection to 5.5% y/y (up from 3.9% y/y). As a proxy for China’s retail growth, JD is likely to remain a key beneficiary should the macroeconomic landscape or consumption growth improve in the coming quarters."

For an analyst ratings summary and ratings history on JD.com, Inc click here. For more ratings news on JD.com, Inc click here.

Shares of JD.com, Inc closed at $44.14 yesterday.

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