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US Tiger Securities analyst Bo Pei reduced his price target on Alibaba Group Holding Ltd (NYSE:BABA) to $110 from $120, while maintaining a ‘Buy’ rating on the stock, after the company implied gross merchandise value (GMV) could continue to decline in the December quarter due to the recent COVID-19 outbreak.
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Alibaba reported September-quarter revenue growth of 3% to $29.12 billion, missing the consensus of $29.45 billion. Its board has approved upsizing the share repurchase program by another $15 billion and extending the program to the end of FY 2025.
The online physical goods GMV for Taobao and Tmall, excluding unpaid orders, recorded a low-single-digit year-over-year decline due to COVID-19 resurgence, restrictions, and competition.
Alibaba shares have gained over 12% in the last five days.
“Overall, while we are lowering our December quarter estimates primarily due to the recent COVID outbreak in China, we see signs of easing COVID restrictions positive for the sector and BABA, and believe a more robust recovery is possible in the March quarter,” Pei said in a note.
Estimate Revision: The analyst reduced his December-quarter revenue estimate for Alibaba by 3% and trimmed his EBITDA forecast by 9%, based on a 139 bps lower margin. “Also decreasing FY23 revenue estimate by 1%, with EBITDA estimate largely unchanged,” Pei said in the note.
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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.