By Christiana Sciaudone
Investing.com — JD (NASDAQ:JD).com is rallying after being upgraded amid the NYSE's decision to not delist Chinese companies.
Shares jumped 7.3%, to a record.
There's also the curious case of "missing" Alibaba (NYSE:BABA) billionaire Jack Ma, which may or may not be related. The founder of JD.com's rival company is apparently "lying low," and not missing, according to CNBC Pro.
In any case, although JD.com was not on the NYSE delist list, the move did not bode well for peer companies. Earlier Tuesday, the New York Stock Exchange reversed course on plans it announced just days ago to delist shares of China's big three state-owned telecommunications operators, for no clear reason, according to Nikkei Asia. The delisting had been planned to comply with executive orders from U.S. President Donald Trump.
Separately, Stifel upgraded JD.com, a "leading" ecommerce platform, seeing "secular growth trends" in 2021, CNBC Pro reported. Analyst Scott W. Devitt bumped the stock to a buy from hold, and set a price target of $105 compared to an earlier target of $84, StreetInsider reported.
"JD has the opportunity to monetize investment stakes in newer businesses, which should be additive to the company’s equity value as valuation events occur," Devitt wrote.
JD.com has more than doubled in the past year.Leave a comment