Nomura's analyst rating is based on JD-SW's strong 1Q results, which exceeded expectations with a 4.9% YoY revenue increase and a 16% YoY rise in operating profit for JD Retail. Despite anticipated revenue declines in the second quarter due to various factors, the broker believes JD.com's earnings structure has improved significantly, leading to raised profit forecasts for 2026 and 2027. Consequently, they maintained a Buy rating and increased the target price from USD40 to USD41.
