- Shares of JD.com Inc (NASDAQ: JD) have received a target price increase from $104 to $107 by Citi. These are the details.
Shares of JD.com Inc (NASDAQ: JD) have received a target price increase from $104 to $107 by Citi. Citi analyst Alicia Yap is also maintaining a “Buy” rating on the shares. Yap cited a solid quarter of 29% year-over-year total revenue growth and 80% non-GAAP net profit growth.
JD had reported adjusted earnings of 50 cents a share on revenue of $25.66 billion. Wall Street was expecting less than 45 cents a share.
“Today, as China emerges from the pandemic, we are glad to see that our business partners are recovering rapidly with the support of our online and offline supply chain infrastructure. And our consumer mindshare continues to expand with over 100 million new active users joining our platform compared to a year ago,” said Richard Liu, Chairman and CEO of JD.com. “In order to ensure superior customer experience and better serve our business partners, we continued to add new hires even against the backdrop of uncertainties arising from the COVID. We look forward to continuously leveraging JD’s leading supply chain-based technology and nationwide infrastructure for the benefit of the society.”
The revenue from the sales of general merchandise increased 35% to $8.6 billion. And the annual active customer accounts increased 32% for the 12-month period to 441.6 million.
“We are pleased to set new records across many of our financial and operating metrics this quarter,” explained Sandy Xu, Chief Financial Officer of JD.com. “We delivered robust topline growth across all of our product lines as well as record profitability driven by improved operating efficiency and the realization of scale benefits. With solid profitable growth as our basis, we will continue to invest in technology and infrastructure to enhance our user experience.”
Citi is not the only brokerage to increase its price target on JD.com recently. Benchmark recently increased its price target from $76 to $100.