JP Morgan: Resumes JD-SW (09618) rating of "overweight" with a target price of HK$148.

JPMorgan Chase released a research report stating that it has resumed its "buy" rating on JD-SW (09618, JD.US) with a target price of HK$148; the target price in the US stock market is $38. The bank believes that investors should focus on the upward earnings risk in 2026. The bank stated that the performance in the fourth quarter of last year and the guidance for 2026 showed the resilience of the core business, and the aggressive investment period for rapid business growth has passed. International business expansion should be more cautious. The bank has raised its revenue forecast for JD.com, Inc. Sponsored ADR Class A2026 and 2027 by 1% and 2%, respectively, and adjusted its net profit forecast by 13% and 26%, respectively, exceeding the market consensus by 17% and 7%.