Morgan Stanley downgraded JD.com to Equal Weight from Overweight with a price target of $33, down from $55. The analyst expects the soft consumption sentiment and JD’s business and strategy adjustments to continue to weigh on its revenue growth and margins in Q3. The company’s Q4 outlook also remains weak, the analyst tells investors in a research note. The firm sees uncertainties in JD.com’s growth and profitability in 2024 and downgrades the shares despite its “trough” valuation.
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