JD.com, Inc (JD) PT Raised to $100 at Mizuho Securities
Mizuho Securities analyst James Lee raised the price target on JD.com, Inc (NASDAQ: JD) to $100.00 (from $95.00) while maintaining a Buy rating.
The analyst commented, "JD beat top and bottom line expectations on strong execution due to its competitive advantage in supply chain and logistics. Heading in 4Q21, we expect revenue growth to remain strong at 26% YoY (+1.5-points above consensus) with improving margins from a mix shift to 3P. At the same time, CGB investments should be more regionally focused to capitalizing synergy with core commerce business. With a strong revenue outlook and improved efficiency, we are raising FY23 EBITDA forecast by nearly 5% to 44bn RMB. Maintain a top pick in China internet and raise PT from $95 to $100, based on SOTP and representing 11x FY23 Core retail EBITDA ex-CGB."