Benchmark lowered the firm’s price target on Alibaba to $150 from $180 and keeps a Buy rating on the shares. There was “a lot to digest” from Alibaba’s earnings and it was “undoubtedly a disappointing quarter,” but the firm does not see “a structural fundamental change” and argues that a user-centric approach “seems to show early traction.” However, growth of Taobao Tmall remains vulnerable to the dynamic macro and competitive backdrop with downside risks against consensus in the December quarter, the analyst tells investors.
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