What happened

Shares of JD.com (JD -1.45%) were climbing again today, following a jump based on its earnings report on Monday, as the Chinese tech stock got a slew of bullish analyst notes Tuesday morning, including an upgrade from Goldman Sachs.

As of 1:09 p.m. EDT today, the stock was up 4.8% after a 7.9% gain on Monday. A JD delivery man driving a motorbike through a snowy alley

A JD.com deliveryman. Image source: JD.com.

So what

At least eight analysts raised their price targets on JD following the quarterly report, and Macquarie and Goldman Sachs both upgraded the stock. Since Goldman is arguably the most prestigious investment bank in the U.S., its analyst ratings tend to get a lot of attention and often move stocks.

Goldman analyst Ronald Keung lifted his rating on JD.com from buy to conviction buy and raised his price target to $85. Keung argued that the company's strong second-quarter results would sustain the rally as JD expands further into discretionary goods and consumer staples like groceries. He also noted the company's expanding margins, and increasing value of subsidiaries like JD Health, JD Logistics, and JD Digits.  

Other analysts echoed those comments, and noted an increasing and sticky user base, expanding competitive advantages, and solid growth in both revenue and profits. 

JD.com reached an all-time high on the positive sentiment.

Now what

JD shares have now doubled year to date as e-commerce stocks have surged this year and more investors appear to be getting keen on the online retail opportunity in China.

But the stock still has plenty of room to run. It trades at a P/E ratio of just 35 based on the 2021 consensus, and it still has a large addressable market to penetrate in both e-commerce and newer businesses like healthcare and logistics. The stock could continue to gain as analysts up their forecasts.