Citi has released a report highlighting JD.com's (JD, Financial) promising start to the year. The company is actively collaborating with major provinces such as Hubei, Jiangsu, and Hunan to drive a nationwide trade-in program, maintaining its leadership position in the market.
Citi believes that JD.com is offering extensive national coverage, making it the preferred partner for many provincial and local governments. The report suggests that investors may be underestimating JD.com's platform strength and its ability to capitalize on the ongoing trade-in initiatives. This strategic positioning is expected to support above-forecast growth in Gross Merchandise Volume (GMV) and revenue for the first half of the year, with potential upward revisions to market predictions.
Citi has reiterated its "buy" rating for JD.com, setting a target price of $51 and initiating a 90-day positive catalyst watch.
