Wall Street lowered its price target for Alibaba for the 18th straight week
Wall Street's average price target for Alibaba fell for the 18th consecutive week as a number of institutions cut their target price for competitive reasons. At least four institutions cut their price targets on Alibaba this week. Susquehanna cut its price target on Alibaba by more than a third to $200 from $310. Needham and Deutsche Bank also recently cut their price targets on Alibaba, with the latter saying investment in new projects will hurt margins in the near term. Argus Research is more conservative on alibaba's outlook, downgrading the stock to "hold" from "buy."
Wall Street's average price target for Alibaba fell to $208 from $239 last week. Alibaba's last quarter was disappointing and the company cut its revenue forecast for the current fiscal year.
Despite the short-term pressures, most institutions remain bullish on Alibaba's long-term prospects. Of 61 analysts tracked by Bloomberg, 56 have a buy rating on the stock, while only one has a sell rating. (Writer/Shuangye)
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