Cantor Fitzgerald Cuts Price Target on Alibaba (BABA) Following Investor Conference
Cantor Fitzgerald maintained a Buy rating on Alibaba (NYSE: BABA), and cut the price target to $88.00 (from $95.00), following an investor conference. Comments made by the company indicated that GMV growth is seeing negative impact on consumer spending as a result of ongoing macro weakness in China.
Analyst Youssef Squali commented, "Comments made by the company at an investor conference yesterday indicate that GMV growth is seeing negative impact on consumer spending as a result of ongoing macro weakness in China. With little visibility into the magnitude or length of this weakness, we’re lowering our GMV growth expectations for Alibaba for the remainder of FY:16 and beyond. We’re maintaining a BUY rating however, given our view that the company remains one of the prime beneficiaries of the secular growth trend in Chinese ecommerce. Our revised PT is $88 (from $95)."
For an analyst ratings summary and ratings history on Alibaba click here. For more ratings news on Alibaba click here.
Shares of Alibaba closed at $60.91 yesterday.