China's JD.com gets a boost on signs of June sales gains
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- JD.com (NASDAQ:JD) shares climbed as much as 3% Thursday as Mizuho Securities analyst James Lee said the Chinese e-commerce giant showed signs of business improving during June.
- Lee said that after holding a call with JD's (JD) management, the company's revenue from consumers rose 10% in June over the same month a year ago. Lee said areas such as demand for home appliances and supermarket goods showed consumers being willing to open their wallets during the month.
- However, the company's overall quarter "appears to be tracking modestly below expectations" due to Covid-related lockdowns in China that only recently began to loosen is several major metropolitan areas.
- Lee made no changes to his buy rating and $90-a-share target price on JD's (JD) stock.
- Along with JD (JD), other leading Chinese Internet companies such as Alibaba (BABA) and Baidu (BIDU) also rose Thursday amid reports that Beijing is considering a $220B stimulus package to support infrastructure spending and boost the nation's economy.
