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Alibaba Sees Analysts Cut Targets as Slump Hits $72 Billion

  • Revisions come before Alibaba's biggest sales day of year
  • Concerns about Chinese economic slowdown drives downgrades
Updated on

Alibaba Group Holding Ltd. notched a fourth straight monthly decline in its stock price as analysts cut their revenue estimates for the Chinese e-commerce company’s most important quarter of the year.

Twelve analysts have cut sales predictions in the past four weeks for this quarter and the next as China’s economy cools. Alibaba shares dropped 11 percent in September, bringing the market value decline since the end of May to about $72 billion. The stock rose 2 percent to $58.97 at the close Wednesday in New York.