BofA raised the firm’s price target on Alibaba (BABA) to $200 from $195 and keeps a Buy rating on the shares. The firm forecasts September quarter total revenue to grow 5% year-over-year, above consensus by 2%, the analyst tells investors in a preview. Based on positive comments on cloud/AI demand and long-term capex at the Apsara confernce last month, the firm expects cloud revenue growth to accelerate further to 30% year-over-year this quarter from 26% last quarter, the analyst added.
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