JD.com transition taking time but UBS believes the valuation is attractive
) to Buy from Neutral on Wednesday, lowering the firm's price target on the stock by $1 to $39 per share.
"JD is in a year of transition with a new strategy based on: 1) cultivating a vibrant third-party ecosystem by expanding long-tail SKUs; 2) building low-price mind share; and 3) streamlining its corporate structure to be more responsive to market change," the analysts explained. The analysts acknowledged that while margins continue to improve, muted top-line growth and uncertainty over the business transition have hurt the shares.
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