Why JD.com Stock Slumped on Thursday
Although JD.com's (NASDAQ: JD) recently released first-quarter results pleased many investors and analysts, not everyone has been overly bullish on the company. Early Thursday morning, an analyst made a relatively assertive price target cut on the stock, and the market reacted by trading it down by almost 4% on the day.
Well before market open that session, Susquehanna International's Shyam Patil reduced his JD.com price target by more than 10%, cutting it to $40 per share from his previous $45. That didn't change his overall estimation of the stock, as he maintained his neutral recommendation.
Image source: Getty Images.
Source Fool.com
