JD.com Inc. slumped to a record low in Hong Kong, after a slew of Wall Street brokerages cut the outlook for the e-commerce retailer on concerns that China’s consumption growth will remain sluggish.
At least seven brokerage firms have either downgraded the stock or lowered price targets in the past two days. That includes Morgan Stanley, which reduced its call to equal-weight and slashed its target by 40%, as well as Citigroup Inc., which cut its price estimate by a third. All of them cited worries about how JD will grow its revenue amid the weaker macro environment in China.
