---
title: "Research Alert: CFRA Keeps Buy Opinion On Adss Of Jd.com, Inc."
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286227034.md"
description: "CFRA maintains a Buy opinion on JD.com, raising the target price to USD36 from USD30, based on an 8x EV/EBITDA estimate for 2026. They anticipate mid-single-digit revenue growth for 2026-2027, supported by renewed government electronics subsidies. JD.com is expanding its general merchandise segment and expects stable net margins in 2026, improving in 2027. The 2026 EPADS forecast remains at CNY15.08 (+17% Y/Y) and CNY23.19 for 2027."
datetime: "2026-05-13T08:35:00.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286227034.md)
  - [en](https://longbridge.com/en/news/286227034.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286227034.md)
---

# Research Alert: CFRA Keeps Buy Opinion On Adss Of Jd.com, Inc.

04:35 AM EDT, 05/13/2026 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our target price to USD36 (from USD30), 8x our 2026 EV/EBITDA estimate (three-year mean: 5.8x). While new business investments increase risk, we expect profitability to improve from better economics and cross-business synergies. We see mid-single-digit revenue growth in 2026-2027, a normalization from 2025's high base on the initial rollout of China's electronics subsidies. The government renewed the subsidies for 2026, although the total quota has not been disclosed and funds will be released in stages. Still, we are optimistic given the program's prompt launch on January 1 and strong uptake. JD is also expanding its general merchandise segment (41% of 2025 product revenue) through stronger assortments and its supply chain. We project a stable net margin in 2026 before rising in 2027, as higher marketing spend is mitigated by supply chain efficiency, stronger commission/ads revenue, and improving food delivery economics. We keep our 2026 EPADS forecast at CNY15.08 (+17% Y/Y) and 2027's at CNY23.19.

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