On Friday, Jefferies analyst Thomas Chong increased the price target for JD.com, Inc (NASDAQ:) shares to $60.00, up from the previous $54.00, while reaffirming a Buy rating on the stock. The adjustment follows JD.com’s strong execution in the fourth quarter, which included a solid performance post the successful Double-11 sales event, as well as benefits from trade-in programs. The e-commerce giant, currently valued at $51.3 billion, has demonstrated impressive momentum with a 62% return over the past year.

Chong’s optimism is based on the revised upward total revenue and non-GAAP earnings estimates, which take into account a better-than-expected performance in JD Retail revenue and segment operating margin. This revision reflects the…