JD.com, Inc (JD) PT Lowered to $48 at BofA Securities

BofA Securities analyst Brandy Sun lowered the price target on JD.com, Inc (NASDAQ: JD) to $48.00 (from $51.00) while maintaining a Buy rating.

The analyst comments "JD.com will report 1Q25 results in mid-May. We estimate 1Q total revs to grow 12% YoY (-16% QoQ) to RMB292.2b, +1% vs consensus. Direct sales revs are estimated to grow 12% YoY, driven by 14% growth in electronic and home appliances sales and 10% growth in general merchandise sales. Electronics and home appliances have been supported by the government’s extended trade-in subsidy program since Jan, driving category sales to retain double digit growth despite low seasonality. Marketplace, logistics and other services revs are forecasted at +12% YoY, assuming marketplace commissions have accelerated to double digit YoY growth. On margins, we expect continued improvement on gross margin due to supply chain bargaining power and category mix, benefiting group profitability. We now model group non-GAAP net profit of RMB11b (3.8% margin), 8% above consensus."

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