BofA lowered the firm’s price target on JD.com to $38 from $43 and keeps a Buy rating on the shares after the company reported Q3 results. For Q4, JD saw double-digit user and order growth during Singles Day promotion, but high uncertainty on demand for the rest of quarter given the soft macro, notes the analyst, who therefore is adopting “a prudent approach” to model Q4 and expects 0.2% and 3% growth, respectively, in JDR and group total revenue. For 2024, the firm now models 6% revenue growth next year.
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