A raft of Wall Street analysts raised their price targets on JD.com (NASDAQ: JD) following the Chinese e-commerce giant’s first-quarter results, which beat expectations on both the top and bottom lines and sent shares surging over 7% on Wednesday.
Benchmark was among the most bullish, lifting its target to $42 from $38 while maintaining a Buy rating. The firm described the results and the second-quarter outlook as a defining moment for the company, pointing to profitability growth as firmly back on track.
Bernstein analyst Robin Zhu was similarly constructive, raising his target to $40 from $36 and keeping an Outperform rating, noting that the earnings beat was underpinned by a meaningful narrowing of losses in JD’s New Businesses division.
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Barclays nudged its target higher to $43 from $41, keeping an Overweight rating, and described the quarterly performance as robust across all major business segments.
Bank of America raised its target to $37 from $35 with a Buy rating, highlighting broad-based momentum in JD Retail as the key driver and expressing high conviction in the company’s ability to deliver double-digit earnings growth going forward.
Not all analysts are fully bullish, however. Susquehanna’s Shyam Patil maintained a Neutral rating but still lifted his target to $35 from $30, acknowledging the top- and bottom-line beat. He noted that while investment spending is expected to continue, management anticipates the pace will ease as operational efficiency gains take hold.
JD.com shares closed Thursday’s session at $32.86, leaving room to the upside relative to all five revised targets.
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