JD.com price target raised to $48 from $44 at BofA

BofA raised the firm’s price target on JD.com (JD) to $48 from $44 and keeps a Buy rating on the shares after the company reported 5.1% year-over-year growth in revenue in Q3, driven by high single digit percentage growth in total GMV. Government subsidies, together with the companys ongoing efforts of strengthening product supplies and user experiences, have been driving double digits year-over-year growth in active buyers and order volume during the Singles Day promotional event and accelerated JDR growth in Q4, the analyst added.