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.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on JD: