Mizuho Remains Bullish On JD Post Q1 - Read Why - JD.com (NASDAQ:JD)

Mizuho analyst James Lee maintained a Buy on JD.com, Inc JD with a price target of $90 (75% upside).
JD beat top line and margins due to its competitive advantage in supply chain and logistics, which enabled the company to gain share.
The COVID lockdown impact in 2Q22 was more than Lee's expectation at 5% YoY growth, three points below Lee's prior estimate as the company is over-indexed to top-tier markets.
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However, management initiated cost-containment efforts to mitigate risks and saw OPI be stable compared to last year and more or less in line with Lee's estimate.
With COVID a short-term headwind, Lee maintained FY24 EBITDA of 51 billion RMB.
Lee maintained JD as a top pick in China Internet and PT at $90, based on SOTP and representing 9x FY24 Core retail EBITDA.
Price Action: JD shares traded lower by 5.18% at $50.89 on the last check Wednesday.

Mizuho Remains Bullish On JD Post Q1 - Read Why