Baird analyst Colin Sebastian raised the firm’s price target on Alibaba to $120 from $115 and keeps an Outperform rating on the shares. The firm said 1Q results were solidly above consensus for both revenues and earnings. Given the slower macro recovery in China, it’s less clear how the balance of F24 will trend; however, Baird is impressed with progress in the core e-commerce segment to grow users and engagement, while stabilizing market share against aggressive competition.
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