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Citigroup: The path for JD.com to increase profits is clear, maintains buy rating.

02/04/2026

Citigroup analysts stated in a report that if management reduces investment in the loss-making food delivery division, the path for JD.com to improve profitability will become clear. They predict that thanks to improved user experience and more efficient promotional activities, losses in 2026 will be less than in 2025. They added that JD.com's extensive supply chain provides a strong and defensible moat to resist potential disruptions from AI-driven business models. Management's commitment to rewarding shareholders through buybacks and dividends is also expected to support its valuation. Citigroup maintains a buy rating and a target price of $35 for JD.com's American Depositary Receipts, citing its relatively low valuation and strong free cash flow yield.

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