BofA lowered the firm’s price target on Alibaba (BABA) to $112 from $124 and keeps a Buy rating on the shares following fiscal Q2 results that the firm says came in “largely in-line with consensus.” The firm, which expects China’s consumer demand softness and deflationary pressure to persist in the near-term, and AIDC’s investments likely to rebound sequentially, lowered its FY25-27 adjusted net profit forecasts by 9%-15% to reflect a longer investment phase.

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