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Alibaba's target price has been lowered by several investment banks, and its share price has hit a new 15-month low.

via:CnBeta     time:2018/10/11 16:32:13     readed:83

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Since the record high of $211.70 on June 5, Alibaba's share price has fallen by 34%.

Recently, a number of investment banks have lowered the target price of Alibaba stock.

Aaron Kessler (Aaron Kessler), an analyst at (Raymond James), a U.S. investment bank, downgraded Alibaba's share price to $260 from $280, but maintained a "buy" rating on the company's shares. In addition, Kessler also cut Alibaba's revenue growth forecast for fiscal year 2019 from 60 percent to 55.

Hans Chung, an analyst at Key Street Capital Markets, Wall Street investment bank, lowered Alibaba's target price from $220 to $215, but maintained an "overweight" rating on the company's stock.

Barclays Bank analyst Gregory Zhao downgraded Alibaba's target price from $225 to $210, but maintained an "overweight" rating on the company's stock.

In addition, Morgan Stanley analyst Grace Chen also lowered Alibaba's target price to $220.

Last month, Alibaba held a two-day investor conference. At the conference, Alibaba executives said that the opportunities for their core e-commerce business as well as retail, digital media and cloud computing services are enormous.

Alibaba's first-quarter profit and revenue announced in August was slightly higher than analysts' expectations, but due to increased investment, profit growth slowed down compared with the same period last year.

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