JPMorgan Chase cut Alibaba's target price to 130 yuan and was cautious about the revenue outlook of the next fiscal quarter

$JPMorgan(JPM.US)$ reported that it turned cautious about $BABA-SW(09988.HK)$ 's revenue outlook as of the end of September. It is expected that China's retail commercial customer management (CMR) revenue in the quarter fell by 4% year on year, mainly due to weak Chinese consumption in the quarter.

On the other hand, due to Alibaba's firm commitment to cost saving and efficiency improvement, JPMorgan Chase expects the market to have potential room for growth in the Group's profit forecast.

JPMorgan Chase lowered the target price of Alibaba shares from 140 yuan to 130 yuan, and maintained its rating of "overweight". The bank mentioned that the profit growth of the Group in fiscal year 2024 is expected to recover to more than 20%, and the current market forecast P/E ratio of the Group in fiscal year 2024 is only 9 times, suggesting that the Group's share price is attractive.