Alibaba price target lowered to $190 from $200 at Bernstein

Bernstein lowered the firm’s price target on Alibaba (BABA) to $190 from $200 and keeps an Outperform rating on the shares. The firm notes Alibaba delivered a Q2 print where the broad strokes looked fine – and in-line with pre-close commentary into the quarter. The AI ROIC debate continues. But with the new Qwen app seeing over 10M downloads in a week, and seeing “exceptional user retention,” Bernstein thinks a much more interesting question relates to how the company can consolidate users, merchants, product and service listings, and multi-modal behavioral insights across hitherto fairly disparate ecosystems and drive greater visitation to a more coherent consumption super app experience.