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Goldman Sachs Raises BABA Target Price to $103 as Growth Resumes

Goldman Sachs has raised Alibaba's (BABA) target price to $103, citing a return to growth in FY2024.

Alibaba's business restructuring has yielded positive results, with its Taobao Tmall Group achieving double-digit GMV growth and a 5% increase in customer management revenue (CMR) in 4FQ24, both exceeding market expectations.

Goldman Sachs also highlighted the company's shareholder return policies and the upcoming completion of its dual-primary listing as factors providing downside protection for the stock. The improved advertising technology tools are expected to stabilize earnings in 2HFY2025.

The bank maintains a "Buy" rating on Alibaba.
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