Why JD.com Stock Blasted Nearly 9% Higher on Friday
Capping a good week on the stock exchange, JD.com (NASDAQ: JD) saw the price of its U.S.-listed American Depositary Receipts (ADRs) rise by nearly 9% on Friday. The big Chinese online retailer was still in the glow of a fine second quarter, the results of which were unveiled Thursday morning. A recommendation upgrade helped give the stock some real lift on the last trading day of the week.
Ever-influential bank JPMorgan Chase was the entity behind the JD upgrade. Before market open, its analyst Andre Chang retagged it as an overweight (read: buy), one peg up from the previous neutral. Chang also cranked his price target higher -- it's now $36 per share, from the former $33.
The upgrade comes from a close read of those quarterly results, which, among other positive developments, revealed a net income figure that nearly doubled year over year.
Source Fool.com
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