JD.com price target lowered to $83 from $96 at Citi

Citi analyst Alicia Yap lowered the firm’s price target on JD.com to $83 from $96 and keeps a Buy rating on the shares. The company’s softer than expected product revenue for Q4 reflected COVID disruption and macro weakness, the analyst tells investors in a research note. However, the analyst views any selloff "overreaction" as an enhanced buying opportunity for long-term investors, "especially with improved shareholder return." The firm believes underlying macro weakness, not execution, is JD.com’s biggest growth headwind.