Dada Nexus initiated with an Outperform at CLSA

CLSA initiated coverage of Dada Nexus with an Outperform rating and $4.60 price target. Dada Nexus has 20% market share in China’s on-demand retail market, which should grow to RRM 1 trillion by 2026, the analyst tells investors in a research note. The firm says that by leveraging JD Group’s traffic, order and supply chain advantage, Dada leads in supermarkets and appliance categories.