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

Benchmark analyst Fawn Jiang reiterated a Buy rating and $55.00 price target on JD.com, Inc (NASDAQ: JD).

The analyst commented: "We anticipate JD 2Q24 GMV growth to track moderately below the ecommerce industry due to expected underperformance of its electronics and home appliances category and, specifically, the air conditioning category owing to high comp y/y, while general merchandise (GM) should sustain a healthy growth trend. As such, we lowered our 2Q rev growth projection from 6% y/y to 1% y/y. On the positive side, we have observed more rational promotion strategies adopted by the company, which promises upside potential on profitability. Consequently, we raised our adj. NIM projection to 3.4% vs. 2.9% prior. Furthermore, despite the potentially lackluster growth in 2Q, we remain comfortable with our 2H24 growth projection considering the healthy growth trend of their active buyers and purchase frequency on top of continued recovery of GM category. Our 2H24 estimates are unchanged."

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 $28.63 yesterday.

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