Alibaba price target raised to $130 from $120 at Truist

Truist analyst Youssef Squali raised the firm’s price target on Alibaba to $130 from $120 and keeps a Buy rating on the shares. The company’s Q3 results show continued improvement in margins amid a tough demand environment in China and overseas, the analyst tells investors in a research note. The firm added that while Alibaba’s March quarter started weak, demand trends have improved materially since then with the economy reopening, driving positive growth.