CICC Lowers JD.US TP to US$44, Rating Outperform

CICC released a report, estimating that $JD-SW (09618.HK)$ 3Q revenue will grow 1.4% YoY, vs. previous forecast of 4.5%. Among which, retail GMV was expected to hike 2.6%, vs. previous forecast of 5.5%, and retail revenue to be flat YoY, vs. previous 3.6% growth, lower than the market's expectations. The broker maintained its margin forecast for 3Q on the company.

CICC upheld Outperform rating on $JD.com (JD.US)$ It also adjusted SOTP valuation to PE valuation and lowered target price by 14% to US$44, taking into account lower market risk appetite.