- Morgan Stanley analyst Eddy Wang lowered the firm's price target on JD.com Inc JD to $85 from $98 (40.5% upside) and kept an Overweight rating on the shares.
- He has cut his non-GAAP net profit estimates by 10% for 2022/23 to reflect lower revenue and margin forecasts due to weak consumption.
- Both Alibaba Group Holding Ltd BABA and Vipshop Holdings Ltd VIPS reported weak Q4 results.
- They gave conservative views on Q1, but JD delivered "much more resilient revenue growth than peers in 2021," and revenue growth in 2022 is "key to watch," Wang told investors in his note previewing JD's report due on March 10.
- Price Action: JD shares are trading higher by 1.11% at $61.19 premarket on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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