HSBC lowered the firm’s price target on Alibaba to $135 from $142 and keeps a Buy rating on the shares. The firm cut its September quarter customer management revenue assumption from 6% to 4% year-over-year. It expects it to come in worse than the Street’s expectation of 5.7% growth. Deceleration in gross merchandise volume growth dragged overall segmental performance despite stronger ad demand, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on BABA:
- Citi Keeps Buy Rating on Alibaba (NYSE:BABA) despite Downward Revisions
- China to Boost Computing Capacity in Local Tech Push
- Alibaba accused of ‘possible espionage’ by Belgium’s security service, FT says
- Alibaba (NYSE: BABA) Plans Cainiao IPO
- Alibaba intends to spin-off Cainiao by way of separate listing