JD.com price target lowered to $45 from $62 at Susquehanna

Susquehanna analyst Shyam Patil lowered the firm’s price target on JD.com to $45 from $62 and keeps a Neutral rating on the shares. The analyst said though we view JD.com as solidly positioned in the large and growing Chinese e-commerce market, believe its hybrid 1P/3P model is attractive, see potential for longer-term upside from its advertising and logistics initiatives scaling, and like the company’s ability to successfully incubate new businesses, the macro and COVID uncertainty are likely to continue to weigh on the business.