Alibaba price target lowered to $110 from $113 at Truist

Truist analyst Youssef Squali lowered the firm’s price target on Alibaba to $110 from $113 and keeps a Buy rating on the shares. The company’s Q4 results showed good operational execution against an improving macro with a return to double digit growth in gross merchandise volume and orders at Taobao and Tmall Group, along with prospects for double digit growth in Cloud in the second half of FY25, though the firm also continues to view FY25 as an “investment year”, which should keep Alibaba’s margins in check over the near term, the analyst tells investors in a research note.