Baird lowered the firm’s price target on Alibaba to $90 from $95 and keeps an Outperform rating on the shares. The firm updated its model following the release of online retail sales data from China’s NBS, which indicates improving growth trajectory relative to Q3. Given ongoing competitive headwinds, a shift towards marketplace/ads versus first-party product sales on Alibaba’s platform,Baird slightly reduced its FQ3 estimates.
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