JD.com price target lowered to $39 from $42 at Loop Capital

Loop Capital analyst Rob Sanderson lowered the firm’s price target on JD.com to $39 from $42 and keeps a Hold rating on the shares. JD valuations have collapsed to “broken stock” levels, with macro and competitive concerns exasperated by a cleanup of unprofitable and non-strategic business activities that continue to cycle through reported results, the analyst tells investors in a research note. The stock offers an attractive valuation and potential for meaningful appreciation on improving macro conditions, but the firm does not see company-specific catalysts for a re-rate in the shares in the near term, Loop added.