Citi maintains buy rating on JD.com with $39 price target

Citi analyst Alicia Yap reiterated a Buy rating and a $39.00 price target on JD.com, Inc. (NASDAQ: JD), according to a research note.

Yap adjusted forecasts for the third quarter of 2026 and fiscal years 2026 through 2028, citing ongoing macroeconomic headwinds and increased artificial intelligence investments. For the third quarter of 2026, the analyst models total revenue of 309.6 billion yuan, representing 3.5% growth year-over-year, and adjusted net profit of 8.4 billion yuan, a 45% increase year-over-year at a 2.71% margin.

The electronics segment is projected to decline 1.1% year-over-year, while the general merchandise segment is expected to grow 7.9% year-over-year.

Yap noted that the $39 price target remains unchanged, based on 10 times the 2027 estimated earnings per share. JD.com shares were said to be trading at 8.1 times and 6.9 times the 2026 and 2027 estimates, respectively, or 4.7 times and 4.2 times on an ex-cash basis.

Shares of JD.com closed at $27.09 in the most recent session.

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