In a report released today, Saiyi He from CMB International Securities maintained a Buy rating on JD, with a price target of $46.80.
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Saiyi He has given his Buy rating due to a combination of factors related to JD.com’s earnings outlook, strategic investments, and shareholder-return policies. Despite forecasting only marginal revenue growth for 4Q25 and a sharp drop in non-GAAP net profit driven by heavier spending on food delivery and user subsidies, he views these pressures as largely cyclical and tied to a high comparison base and macro softness rather than structural weakness. He notes that JD Retail is still expected to generate solid operating profit, even as margins temporarily compress due to increased subsidies and a higher mix of lower-margin general merchandise, which supports the view that the core business remains fundamentally healthy.
At the same time, he highlights that losses in the food delivery and other new businesses are projected to narrow sequentially, indicating improving unit economics and operational efficiency that should gradually relieve the drag on group profitability. He also factors in downward revisions to 2025 revenue and earnings forecasts and still derives a target price of US$46.8, suggesting meaningful upside from current levels. Importantly, he emphasizes JD’s renewed commitment to shareholder returns, including US$3.0bn of share repurchases completed in 2025 and the expectation of an annual dividend announcement, which he believes can act as a catalyst for a valuation re-rating once temporary headwinds are digested by the market. Overall, these elements underpin his view that JD offers an attractive risk-reward profile, supporting a Buy recommendation.
According to TipRanks, He is a 5-star analyst with an average return of 17.4% and a 63.95% success rate. He covers the Communication Services sector, focusing on stocks such as Baidu, Iqiyi, and NetEase.
In another report released today, Barclays also maintained a Buy rating on the stock with a $41.00 price target.