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Goldman Sachs analyst Piyush Mubayi is removing Alibaba Group Holding Ltd (NYSE:BABA) from his firm's Conviction List but keeping a Buy rating on the shares with a price target of $215, down from $252, implying a 61.2% upside.
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- Alibaba has been increasing its investments on both defensive-offensive strategies amid slowing retail spending and budding competition to acquire new users, build multiple traffic sources, and in the shorter term, raise merchant subsidies to retain merchants.
- Mubayi expects revenue growth to decelerate to 13%/16% in Q3/Q4.
- The analyst also expects the aggressive buybacks to continue and the investment portfolio to be revisited.
- Mubayi believes the negatives have been priced.
- Mubayi is constructive on Alibaba on its extreme valuation.
- Price Action: BABA shares traded higher by 0.16% at $133.57 in the premarket session on the last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.