As previously reported, Loop Capital analyst Rob Sanderson initiated JD.com with a Buy rating and a price target of $40. The analyst says "competitive pressure, investment spending, and management issues" have led to "turmoil" in the company's stock price, but he believes that contrarian investors with patience can be rewarded. Sanderson adds that while U.S.-China trade war concerns have overshadowed some improvement in China's consumer sentiment, JD.com stands to benefit from its scale advantages. The analyst further states that at its present valuation, JD.com's market cap mostly reflects only its equity stakes in affiliates.