Morgan Stanley lowered the firm’s price target on Alibaba to $110 from $150 and keeps an Overweight rating on the shares and removed the stock as the analyst’s “Top Pick.” While Alibaba had a “solid” Double 11 with positive growth in GMV, order volume, and participating merchants, uncertainty about consumption recovery and cloud reacceleration along with backtracking on its Cloud spinoff plans leads the analyst to remove Alibaba as top pick and trim the price target.
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