BofA lowered the firm’s price target on Alibaba (BABA) to $135 from $145 and keeps a Buy rating on the shares. Alibaba’s food and on-demand delivery orders grew robustly from less than 30M/day to hit 60M on June 23, driven by traffic from the Taobao App and heavy consumer subsidies, the analyst tells investors in a research note. BofA expects average daily orders to approach 0M in the September quarter.
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