Stock Markets slips as Goldman cuts target on growth concerns

© Reuters. (JD) slips as Goldman cuts target on growth concerns
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By Senad Karaahmetovic 

Shares of (NASDAQ:JD) are moving lower in pre-market Wednesday after Goldman Sachs analysts cut the price target to $72 per share (from the prior $83).

JD shares are down 32% year-to-date relative to a drop in China’s internet sector of 3%. The GS analysts expect flat revenue growth for Q1 on the back of expectations that JD Retail revenue will decline by 4%.

Despite lowered estimates, the analysts remain positive on JD shares and see risk-reward as attractive at current levels.

“We expect the company to maintain stable market share on a GMV basis (instead of on 1P revenue growth basis) after the business lapses its voluntary business adjustment impact and still healthy JD Retail and overall group margin,” the analysts said in a note.’s “leading retailer scale with a unique 1P online direct sales + marketplace model supplemented with its industry-leading in-house warehousing and supply chain capabilities” underpin Goldman’s Buy rating on JD.

SNB sold $24bln in foreign currencies during 2022 in intervention U-turn

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