Asia Tech Wire (Aug 16) -- Citi and Jefferies maintain Buy ratings on JD.com Inc. (NASDAQ: JD) as the Chinese e-commerce giant reported better-than-expected results for the second quarter of 2024.

JD.com's financial results on Thursday showed that the company achieved net revenue of 291.40 billion yuan in the second quarter, beating estimates of 290.51 billion yuan, while adjusted earnings per ADS of 9.36 yuan far exceeded the estimate of 6.21 yuan.

Citi said if the implementation of the trade-in policy in China is faster than expected, it will be a catalyst for JD.com shares.

Citi analysts including Alicia Yap said in a report that they expect JD.com's improved momentum in electronics and home appliances to continue into the second half of the year.

Based on reasonable valuation and solid margin trends, Citi maintains a Buy rating on JD.com stock with an ADR price target of $41.

Jefferies also said JD.com's second-quarter non-GAAP earnings beat expectations, while management emphasized the company's solid growth momentum in customer base and purchase frequency, maintaining a Buy rating on the stock.

In a report, Jefferies analysts Thomas Chong and others noted that JD.com's second-quarter total revenue rose 1.2% year-over-year, in line with expectations.

The investment bank raised its price target on JD.com ADR to $43 from $41.