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Citing robust growth in its online retail business, JPMorgan initiated coverage on JD.com (JD) with an overweight rating and price target of 42, as the stock hit a new high. JPMorgan analyst Alex Yao in the report Monday said JD is the largest online direct retailer in China, in terms of transaction value. JD.com operates an Amazon.com (AMZN)-like online direct sales business and is a rival to Alibaba Group (BABA), China’s largest e-commerce Scalper1 News
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