Bank of America Cuts JD.com Target to $36, CGS-CIMB Holds HK$140 PT
Bank of America cut JD.com’s target to $36 from $38 and trimmed net profit forecasts, lowering revenue growth to 13% in 2025, 6% in 2026 and 8% in 2027. CGS-CIMB kept a Buy rating with a HK$140 target, citing Q1 FY26 improvement from easier electronics comps and new food commissions.
1. Bank of America Trims Price Target and Estimates
Bank of America lowered JD.com’s price target to $36 from $38 and trimmed non-GAAP net profit forecasts, attributing the cuts to increased consumer incentive spending and food delivery losses. The firm also revised revenue growth projections to 13% for 2025, 6% for 2026 and 8% for 2027.
2. CGS-CIMB Maintains Buy, Cites Q1 Outlook
CGS-CIMB retained its Buy rating with a HK$140 price target, forecasting quarter-on-quarter improvement in Q1 fiscal 2026 driven by easier comparisons in electronics and the introduction of food-delivery commissions. The bank’s discounted cash flow valuation underpins expectations for margin recovery through product mix enhancements and a stronger third-party ecosystem.