JD.com price target lowered to $47 from $55 at Benchmark

Benchmark analyst Fawne Jiang lowered the firm’s price target on JD.com to $47 from $55 and keeps a Buy rating on the shares. The firm says concerns on a growth slowdown were well telegraphed heading into JD’s Q2 report. Looking ahead, the firm is positive on the company’s sustained margin expansion “thanks to multiple structural factors” but acknowledges that JD is highly susceptible to the macro environment considering its big ticket items exposure.