Alibaba price target lowered to $113 from $114 at Truist

Truist analyst Youssef Squali lowered the firm’s price target on Alibaba to $113 from $114 but keeps a Buy rating on the shares ahead of its Q4 results next week. The analyst notes the improvement in consumer spending shown in China’s economic data and a step-up in investments at Cainiao and in International Commerce as the management lays the foundation for sustainable growth in logistics and ecommerce, even though the country risk “remains elevated”.