Citi's analyst rating for JD-SW is based on the strong performance of its 618 campaign, which saw a record number of ordering users and high demand for services. However, overall weak consumer sentiment has led to a reduction in revenue and earnings forecasts for the upcoming quarters, prompting Citi to lower its projections for JD-SW's revenue and non-GAAP earnings for 2Q26 and the following years. Despite this, Citi maintains a Buy rating and a target price of USD39 for JD.com.
