Macquarie lowered the firm’s price target on JD.com (JD) to $31 from $35 and keeps a Neutral rating on the shares. The firm cut earnings estimates and anticipates the company’s food delivery initiative to incur a RMB 10B loss in 2025, with Q2 and Q3 likely seeing peak investments. The company continues to move aggressively with daily order volume surpassing 10M, 15% of Meituan’s total scale after 72 days of its launch, the analyst tells investors in a research note. The firm added that it expects the consensus to follow with more earnings downward revisions.
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