In a report released today, Saiyi He from CMB International Securities maintained a Buy rating on JD, with a price target of $49.40.
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Saiyi He has given his Buy rating due to a combination of factors that highlight JD’s strong performance and strategic investments. JD.com reported significant revenue growth in the second quarter of 2025, with a 22.4% year-over-year increase, surpassing both the firm’s and Bloomberg’s expectations. This growth was primarily driven by JD Retail’s robust performance and additional revenue from the expanding food delivery business.
Despite a notable decline in non-GAAP net profit due to investments in food delivery, the results were still ahead of consensus estimates. The management’s focus on leveraging synergies between e-commerce and food delivery has shown promising early results, such as a substantial increase in active users and shopping frequency. Furthermore, JD’s logistics and service revenue streams have experienced strong growth, supporting the company’s long-term earnings potential. These factors, combined with a strategic approach to improving profitability in the food delivery segment, underpin the Buy rating.
In another report released today, Mizuho Securities also maintained a Buy rating on the stock with a $40.00 price target.