JP Morgan: Raises JD.com H-share target price to HKD 155, reiterates "Overweight" rating

JP Morgan released a report stating that since Walmart sold its stake at the end of August, JD.com's H shares and ADR shares have rebounded by 24% and 27% respectively, outperforming the KraneShares CSI China Internet ETF and major e-commerce peers during the same period. This is mainly attributed to positive news about the home appliance trade-in policy and undervaluation. The bank expects JD.com to see profit-taking in the short term, but does not believe that outperforming the market has ended, as it expects its revenue to improve to single-digit growth on a year-on-year basis in the third and fourth quarters. The bank reiterated its "overweight" rating and raised the target prices for JD.com's ADR shares and H shares from $36 and HK$140 to $40 and HK$155 respectively