BofA raised the firm’s price target on Alibaba (BABA) to $168 from $152 and keeps a Buy rating on the shares after having hosted the company at the firm’s Asia conference this week. The company’s mapping app Amap launched a new product of restaurants, hotels, and tourist destinations rankings on September 10, notes the analyst, who views the move as an early-stage attempt to explore growth strategies for life services and expects more visibility on plans there in the December quarter report. The firm notes that it increased its FY25-FY28 earnings estimates 1%-4%.
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