JD.com price target lowered to $76 from $100 at Benchmark

Benchmark analyst Fawne Jiang lowered the firm’s price target on JD.com to $76 from $100 and keeps a Buy rating on the shares after the company reported in-line revenues and a "substantial beat" on margins and the bottom line in Q4, but "disappointed the Street" with soft Q1 guidance for group revenue to be flat year-over-year and gave "no clear guidance for FY23." JD’s growth is reset to be trailing the industry, so the firm anticipates the stock "stays in the penalty box in the near term," but it sees a positive-biased risk/reward with a reset of expectations and the current valuation.