Alibaba price target lowered to $99 from $102 at BofA

BofA lowered the firm’s price target on Alibaba to $99 from $102 and keeps a Buy rating on the shares. The firm estimates Q4 total revenue of RMB220.7b, up 6% year-over-year, accelerating from last quarter’s 5% growth, primarily due to an accelerated Taobao Tmall revenue growth rate. The firm now forecasts domestic marketplaces’ customer management, or CMR, revenue grew 4% year-over-year, driven by mid-to-high single digit percentage gross merchandise value, or GMV, growth, the analyst tells investors in a preview note.