“Danhang” — BofA Securities raises JD.com (09618.HK) target price to HK$149. Under macro headwinds in the next quarter, its profit performance shows resilience.

Bank of America Securities issued a report saying JD.com-SW (09618.HK) +1.700 (+1.494%); short selling $345B; the ratio was 21.614% quarter-on-quarter. In a macro headwind, profit performance shows resilience. It expects the company’s second-quarter total net revenues to be RMB 293B, down 3.2% year-on-year. This mainly reflects the high base driven by the “618” promotion in the same period last year, which was boosted by trade-in subsidies, and weaker demand for smartphones and 3C this year due to rising memory prices. The firm expects JD Retail revenues to fall 5.3% year-on-year to RMB 29.3 billion, while net services revenues will increase 8% year-on-year. Over the period, it expects non-GAAP net profit to grow 15% year-on-year to RMB 8.5 billion, higher than the market expectation of RMB 7.6 billion.

Bank of America Securities said it expects the second-quarter losses in the takeaway/delivery business to narrow to RMB 6.0 billion, mainly benefiting from daily average order volume exceeding 15 million orders, with loss per order dropping to below RMB 4.0. As the high-base effect normalizes, the firm expects the company’s revenue growth for the second half of this year to rebound to a year-on-year trajectory of 6% or more. Because JD Retail’s profit margin is resilient, and the rate at which takeaway losses are reducing is faster than expected, the firm raised its non-GAAP net profit forecasts for the company’s fiscal years 2026 to 2028 by 0% to 5%.

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Bank of America Securities said, given good visibility into earnings growth, it reiterated a “Buy” rating for JD.com. Based on keeping its 2026 non-GAAP P/E multiple unchanged at 11x, it raised the target price for JD.com’s Hong Kong shares from HK$145 to HK$149, and raised the target price for JD.com (JD.US) U.S. shares from $37 to $38. (ad/da)(Hong Kong share price quote is delayed by at least 15 minutes. Short-selling data as of 2026-07-15 12:25.) (U.S. shares are real-time streaming quotes; OTC market stocks are excluded, with data delayed by at least 15 minutes.)