JPMorgan raised the firm’s price target on Alibaba (BABA) to $125 from $108 and keeps an Overweight rating on the shares. The firm expects Alibaba’s fiscal Q2 core-core revenue/profit at Taobao and Tmall Group to face pressure from a weak consumption environment, but suggests investors look through the result and wait for a few positive drivers in the coming quarters. Currently the “big 3” China e-commerce stocks – Alibaba, PDD Holdings (PDD) and JD.com (JD) – trade at similar forward PE multiples, but the firm thinks Alibaba is “the most attractive one among the three,” the analyst tells investors in a preview of the September-end quarterly report.
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