Bank of America raises JD's target stock price to HKD 173 in its latest research report, and expects JD's non GAAP net profit to increase by 12% year-on-year to HKD 11.9 billion in the third quarter. This expectation is 5% higher than the market expectation. The report points out that JD Retail and JD Logistics may pay more attention to the controllability of profit growth in the third quarter, especially by reducing promotional activities during the off-season.