BofA raised the firm’s price target on Alibaba to $124 from $106 and keeps a Buy rating on the shares. The firm, which expects Alibaba to report fiscal Q2 results in early-mid November, forecasts total revenue to be up 6% year-over-year, with core Taobao Tmall revenue staying flattish year-over-year. BofA forecasts China marketplaces’ customer management revenue to be up 1.8% year-over-year, assuming mid-single digit percentage gross merchandise value, or GMV, growth and a slightly declined blended take rate, the analyst tells investors in a preview.
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