CLSA's JD.com (JD) PT Drops To $38.80

CLSA analyst, Elinor Leung reiterated her Outperform rating on shares of JD.com, Inc (NASDAQ: JD) and cut the price target to $38.80 from $43 after the company printed a weak 2Q. Revenue was up 31% YoY to Rmb122bn, 1% below expectations but adj net profit was down 51% YoY to Rmb478m, 40% below expectation.

The analyst stated "The top-line miss was mainly due to slower direct sales growth. Net service revenue growth on marketplace was strong driven by advertising and logistics. The earning miss was due to a jump in R&D expenses. 3Q revenue guidance was also weak, likely due to stronger seasonality impact and macro".

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 $31.90 yesterday.

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