$JD Chinese ecommerce platform corporate.jd.com/home is expected to outperform its peers in earnings and user growth in 2020, Daiwa says. Its earnings could grow at an above-average level of 49%, driven by improving operational efficiency and better monetization of its logistics operations, Daiwa says. User growth momentum will likely come from lower-tier cities, which were JD's largest source of growth in 2019, Daiwa says, noting the company has been increasing investment in these rapidly expanding markets. The brokerage keeps JD at buy with an unchanged target of $52
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