Citi Research issued a research report lowering its 2Q24 total revenue forecast for JD.com, Inc. (JD.US) by 5%, but raised its 2Q24 non-GAAP net profit forecast by 27% to reflect higher-than-expected earnings growth supported by weaker-than-expected 618 sales, a high comparison base for home appliances and relatively modest subsidies and promotions.
Citi Research also expected JD.com's 2Q24 total revenue to rise 0.8% YoY to RMB290.3 billion, while the market estimated revenue to grow 6.3% YoY to RMB306 billion.
Citi Research also raised its 2Q24 non-GAAP net profit forecast to RMB9.5 billion, compared with the market consensus of RMB8.6 billion.
Considering the improved earnings outlook and undemanding valuation, Citi Research cut its target price for the Company's US stock from US$43 to US$42, with rating kept at Buy.
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