Macquarie lowered the firm’s price target on Alibaba (BABA) to $218.80 from $234.70 and keeps an Outperform rating on the shares. Alibaba’s fiscal Q2 results came in largely within expectations, but near-term profitability remains compressed given ongoing investments in quick commerce, notes the analyst, who lowered the firm’s adjusted EBITA estimates for this fiscal year and next by 3% each to reflect the segment margin outlook. The firm believes Alibaba is “further evolving into a full-stack AI service provider” with its cutting-edge Qwen family foundational model, the analyst added.
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