Jefferies Group released a report on April 15, stating that JD.com (09618.HK) is expected to demonstrate strong execution and meet both market expectations and the firm's revenue forecast for the first fiscal quarter. According to Jin10, Jefferies has raised its overall profit expectations for JD.com's first fiscal quarter, primarily due to better-than-expected operating profits from JD Retail and smaller-than-anticipated losses from new businesses. The firm reiterated that JD Retail's revenue growth trend for the first fiscal quarter of 2026 is expected to surpass that of the fourth quarter of 2025, with continued improvement in the fundamentals of its food delivery business. Jefferies maintains a 'buy' investment rating for JD.com, with a target price of HKD 190.