As previously reported, Bernstein upgraded JD.com (JD) to Outperform from Market Perform with a price target of $46, up from $43. A macro environment in China where government support acts as a “periodic crutch for durables consumption” should favor JD, the analyst tells investors in a research note. The firm says the company’s greater focus on profit growth versus market share should help to protect its earnings in a downside case for macro and consumption incentives. It upgraded JD as part of its China internet outlook for 20025.
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