Shares of JD.com (JD-SW) surged 5.72% in the pre-market trading session on Tuesday, riding on the momentum from the previous day's rally. The stock's price movement comes in the wake of an analyst upgrade and rising optimism around potential economic stimulus measures in China.
On Monday, investment firm Bernstein upgraded JD.com's stock to "outperform" from "market perform" and raised its price target to $46, citing the company's strong growth prospects. This positive analyst action fueled a 13% jump in JD.com's shares during Monday's trading session.
Additionally, US-traded Chinese stocks witnessed a broad rally on Monday after China's Politburo signaled plans to adopt an "appropriately loose" monetary policy and proactive fiscal measures to spur economic growth. This news stoked hopes for stimulus, boosting sentiment around Chinese companies listed in the US, including JD.com.
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