CICC Lowers JD.US TP to US$44, Rating Outperform
CICC released a report, estimating that $JD-SW(09618.HK$ 3Q revenue will grow 1.4% YoY, vs. previous forecast of 4.5%. Among which, retail GMV was expected to hike 2.6%, vs. previous forecast of 5.5%, and retail revenue to be flat YoY, vs. previous 3.6% growth, lower than the market's expectations. The broker maintained its margin forecast for 3Q on the company.
CICC upheld Outperform rating on $JD.com(JD.US$ It also adjusted SOTP valuation to PE valuation and lowered target price by 14% to US$44, taking into account lower market risk appetite.
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