Macquarie removed Alibaba from Marquee Buy Idea, slashed target price from Hk$145.8 to HK$126.4
STOCKS
Macquarie removed Alibaba from Marquee Buy Idea, slashed target price from Hk$145.8 to HK$126.4
STOCKS

Macquarie removed Alibaba from Marquee Buy Idea, slashed target price from Hk$145.8 to HK$126.4

 

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Alibaba’s financial results for the quarter ended September were in line with market expectations, with key operating metrics showing a steady uptrend, Macquarie said in a note

However, as the group announced that it scrapped the proposed spin-off of its Cloud Intelligence Group (CIG) due to restrictions on computer chips and to halt the IPO of supermarket chain Hema, Macquarie believed that such news would limit the short-term upside. 

Macquarie removed Alibaba from its Marquee Buy idea and slashed the target price from HK$145.8 to HK$126.4, with rating at Outperform. The forecast for its 2024 – 2025 earnings per share are cut by 3% and 5%, respectively, to factor in the conservative view on the consumption market, it said.