UBS upgraded JD.com to Buy from Neutral with a price target of $39, down from $40, after assuming coverage of the name. JD is in a year of transition with a new strategy based on cultivating a third-party ecosystem, building low-price mind share, and streamlining its corporate structure to be more responsive to market change, the analyst tells investors in a research note. The firm views the company’s business recalibration as “necessary in this dynamic and competitive market.” UBS sees an attractive valuation at current share levels with the company’s net cash roughly equal to 50% of its market cap.
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