Alibaba shares are trading lower after Macquarie downgraded the stock from from Outperform to Neutral and announced an $85.4 price target following Alibaba's Q3 financial results yesterday.
Portfolio Pulse from Benzinga Newsdesk
Alibaba's stock trades lower following a downgrade by Macquarie from Outperform to Neutral, with a new price target of $85.4 set after reviewing Alibaba's Q3 financial results.
February 08, 2024 | 2:44 pm
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Alibaba's stock experienced a decline after Macquarie downgraded the stock to Neutral from Outperform, setting a price target of $85.4 following the Q3 financial results.
The downgrade by Macquarie is a direct response to Alibaba's Q3 financial performance, indicating a less optimistic outlook on the stock's future performance. This analyst action can lead to a decrease in investor confidence and a short-term negative impact on the stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100