Citi lowered the firm’s price target on JD.com to $43 from $64 and keeps a Buy rating on the shares ahead of the Q3 report. The analyst reduced Q3 and Q4 revenue estimates citing relatively muted consumption trends, the company’s high base, intense competition, and the ongoing impact from restructuring adjustment. The firm views JD’s valuation as “undemanding” but believes the share price is likely to remain range bound.
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