JD.com upgraded to Buy from Hold at Loop Capital

Loop Capital analyst Rob Sanderson upgraded JD.com (JD) to Buy from Hold with a price target of $48, down from $49. The company will be among the top beneficiaries from China’s consumption stimulus and all Asia technology services stocks will continue to see valuation recovery from historic lows, the analyst tells investors in a research note. The firm thinks JD’s Q3 estimates are achievable and expects higher spending in Q4.