Why JD.com Was Down on Friday
Shares of JD.com (NASDAQ: JD) were down 3.8% as of 11:25 a.m. ET on Friday after several analysts updated their outlook for the company.
Morgan Stanley analysts downgraded the stock and lowered their price target to $33 from $55. The firm believes weak consumer spending could impact JD.com's growth for longer than investors expect.
JD.com was a high-growth business through 2021, but in the last few years, COVID-related disruptions have hurt China's economy. JD.com's second-quarter revenue increase of 8% year over year was well off its 36% annual average of the last 10 years. While it made up for this with improving margins, the slowing top-line growth has weighed on the stock.
Source Fool.com
