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Citi Bullish on JD.com (JD.US) Core Retail Earnings, Shareholder Returns; TP USD35
2026-04-02 11:06:35
Citi, in its research report, recaptured that it hosted the “2026 Innovation Trailblazers Corporate Day” on March 31 and yesterday (April 1), and invited JD.com (JD.US)’s management to attend. Key discussion topics included the earnings resilience of JD Retail, investments in new businesses and losses from the food delivery segment, internationalization strategy, and commitments in shareholder returns. The broker maintained its Buy rating on JD.com with a TP of USD35.

Citi believed JD.com's undemanding valuation and strong FCF yield present a compelling investment case. If management scales back its margin-dilutive investments in food delivery, the broker expected a clear path to improved profitability. JD.com's unparalleled supply chain capabilities should provide a deep and defensive moat against agentic commerce disruption.
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