After a rough 2022, JD.com (JD) is showing big signs of life.
In fact, over the last few weeks, the stock ran from a low of about $35 to $63.60. And while impressive, JD could see higher highs. If it can break above prior resistance around $68, it could potentially test $90 again shortly. Helping, analysts at Citi just raised their price target from $60 to $96 on JD.com, with a buy rating. The firm believes the company is in a good position to recapture “consumption recovery” upside, as noted by TheFly.com.
All as China just begins to reopen, and as analysts get a bit less gloomy. According to Bloomberg, “The resumption of activity in China promises to unleash over $836 billion of excess savings, and may help ease fears of a global downturn as other central banks continue to tighten policy. Chinese equities stand to gain another 20%.”
Even better, Chinese stocks could be some of the top performers in 2023, with Morgan Stanley and Goldman Sachs noting the MSCI China Index could see another 10% of upside this year.