D Market Elektronik downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded D Market Elektronik (HEPS) to Neutral from Overweight with a price target of $3.07, down from $4.85. The company’s shift from cash flow management to prioritizing customer and merchant acquisition has pressured profitability, the analyst tells investors in a research note. The firm expects the challenges to persist into Q4 and 2026. It believes uncertainty around cash flow and D Market’s limited strategic visibility suggest the shares “may remain subdued until further clarity is provided.”