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JPMorgan, Morgan Stanley Cut Alibaba Target on Revenue Concerns

  • Analysts behind ‘uninvestable’ call at JPM cut target to $135
  • China macro headwinds may hurt Alibaba’s core sales: JPMorgan

JPMorgan Chase & Co. and Morgan Stanley analysts cut their price target for Alibaba Group Holding Ltd., turning more pessimistic on the Chinese e-commerce giant on sales concerns.

Alibaba’s sales outlook for the September quarter is eroding on soft China consumption, analysts including Alex Yao wrote in a note this week. JPMorgan lowered its target price for Alibaba’s US-listed shares to $135 from $145, marking the bank’s latest call on China’s technology stocks after switching its views several times this year.