BofA lowered the firm’s price target on Alibaba to $136 from $142 and keeps a Buy rating on the shares. National Bureau of Stats online retail sales of physical products grew 5.0% and 6.1% year-over-year in July and August, respetively, decelerating from 14.0% in Q2, the analyst noted. The firm, which expects efficiency optimization across non-Taobao Tmall business groups to support earnings in FY24, cites recent RMB deprecation for the lower price target on Alibaba shares.
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