JD.com price target raised to $43 from $37 at BofA

BofA analyst Joyce Ju raised the firm’s price target on JD.com to $43 from $37 and keeps a Buy rating on the shares ahead of the August 15 earnings report. The firm expects Q2 revenue to be up 1.1% year over year, in line with Street expectations, with Direct sales revenue down 1% y/y, dragged by a 7.5% decline in electronic and home appliances sales, the analyst tells investors in a research note. The firm expects better gross margin and efficiency measures to reduce profit growth pressure, and is modeling y/y improvement in group non-GAAP net margin.