Analysts at Nomura increased their price target on JD.com, Inc. (NASDAQ:JD) to $95 from $88, while maintaining their buy rating. The brokerage believes the company may manage to deliver better-than-expected earnings and net margin in Q3 on smaller losses from its investments in new businesses, despite slower than expected ecommerce growth on macro headwinds.

The analysts expect the company’s quarterly revenue to increase 22% year-over-year to CNY213 billion, which is slightly below the Street estimate of CNY220 billion.