Bernstein analyst Robin Zhu downgraded JD.com (JD) to Market Perform from Outperform with a price target of $31, down from $55. The firm notes JD.com’s shares have been on a downward trajectory for most of this year, and fell sharply after the company signaled a much weaker trajectory for the remainder of 2023 than the Street had expected. Category headwinds and weak macro have contributed to things going wrong, Bernstein says. But the firm struggles to envision what might drive a turnaround. While Bernstein doesn’t doubt JD.com can continue to gain share in electronics and appliances, it struggles to think the company can outgrow the likes of PDD (PDD) and Douyin.
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