Bernstein analyst Robin Zhu raised the firm’s price target on Alibaba to $100 from $98 and keeps a Market Perform rating on the shares. Alibaba’s Q1 print showed growth that looked strong, but while management messaging around the company’s user growth strategy sounded more confident than past quarters, when asked Alibaba whether September quarter can show better 2-year CMR growth, management advised to “be realistic about macro in the near term,” the analyst tells investors in a research note.
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