Alibaba Group Holding Limited shares got a price target cuts from JPMorgan Chase & Co and Morgan Stanley analysts who cited sales concerns amidst softening demand conditions.
According to Bloomberg reports on analysts’ views, Alibaba’s sales outlook for the September quarter is dampening on soft China consumption.
JPMorgan slashed its price target for Alibaba to $135 from $145, mentioning that a weakening revenue outlook in the near term that could continue to weigh on the share price. According to JPMorgan, sentiment-driven fund flow is the currently the main driver of share price and revenue recovery will be crucial in guiding market sentiment.
Morgan Stanley cut Alibaba’s share price to $110 from $140, citing weak consumption.