JD.com, Inc (JD) PT Lowered to $95 at Mizuho Securities
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Mizuho Securities analyst James Lee lowered the price target on JD.com, Inc (NASDAQ: JD) to $95.00 (from $105.00) while maintaining a Buy rating ahead of results.
The analyst commented, "Our checks indicated that JD would expand its CGB investments nationwide as opposed to regionally. Although we expect revenues to be in-line in 2Q and guidance to be on-par in 3Q, we see downside in OPI from 2Q21 to 4Q21. For 2Q21, we expect net margin to come in at 1.4%, 20 bps lower than consensus. For FY21, we expect net margin to come in at 1.0%, 50 bps lower than consensus. With that in mind, we are lowering our FY21 EBITDA by 19% to 15.4bn RMB and FY23 EBITDA estimate by 18% to 38.6bn. Maintain Buy but lowering our SOTP-based PT from $105 to $95 to reflect increased investments in CGB and the decline of market value in JD Health and JD Logistics."
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