- Daiwa analyst John Choi lowered the price target on Alibaba Group Holding Ltd (NYSE:BABA) to $170 from $195 and reiterated a Buy. The new price target implies a 44.3% upside.
- Choi said rising competition in e-commerce is a key risk factor for Alibaba in China and abroad.
- Related Content: China Regulators Suspend Alibaba Cloud Partnership; CLSA Remains Bullish On Alibaba
- This rising competition uncertainty over user retention over the long run and investor concerns regarding Alibaba’s cash burn in new businesses are likely to persist despite better financial disclosure, Choi said.
- Alibaba is an online and mobile commerce company. It operates China’s online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
- Price Action: BABA shares traded lower by 0.86% at $116.80 in the premarket session on the last check Thursday.
Bill Ackman’s SPAC To Buy 10% Stake In Universal Music Group From Vivendi In $4B Deal
Pershing Square Tontine Holdings (NYSE: PSTH), a blank-check firm owned by billionaire investor William Ackman said on Sunday it is buying 10% of Universal Music Group, a unit of Vivendi SE (OTC: VIVHY), for about $4 billio
