Morgan Stanley analyst Eddy Wang lowered the firm’s price target on JD.com (JD) to $28 from $39 and keeps an Equal Weight rating on the shares. While the firm expects JD to have invested over Rmb10B in food delivery in Q2, there are no signs of cross-selling or other synergies from such an investment to the core e-commerce business, the analyst tells investors in a research note.
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