JPMorgan lowered the firm’s price target on Alibaba (BABA) to $230 from $240 and keeps an Overweight rating on the shares following the fiscal Q2 report. The firm sees Alibaba’s consolidated earnings hitting an “inflection point” in Q3, with a “meaningful recovery” starting in Q4 as the company transitions from user-scale-driven growth to a more profitable efficiency-driven model. JPMorgan sees a good risk/reward setup at current share levels for investors to build or add to positions in Alibaba “ahead of this multi- quarter earnings recovery cycle.”
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