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<Research>CLSA Cuts Alibaba (BABA.US) TP to USD190, Expects Strong Cloud Growth but ST Profit Subdued
CLSA, in its report, predicted Alibaba Group Holding Limited (BABA.US) to post total revenue of RMB241.1 billion for its fourth fiscal quarter ended March 2026, up 2% YoY, on the r...
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<Research>CLSA Cuts Alibaba (BABA.US) TP to USD190, Expects Strong Cloud Growth but ST Profit Subdued
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CLSA, in its report, predicted Alibaba Group Holding Limited (BABA.US)      to post total revenue of RMB241.1 billion for its fourth fiscal quarter ended March 2026, up 2% YoY, on the ride of strong growth in its cloud business (up 41% YoY), quick commerce (up 51% YoY), and CMR (up 6% YoY excluding accounting adjustments).

However, the group's adjusted EBITA was projected to plunge 89% YoY to RMB3.7 billion, mainly dampened by investments in quick commerce (RMB18 billion) and in other businesses (RMB20 billion), including Qwen App and model training.

Related NewsG Sachs: Alibaba Cloud Summit and Chairman Letter Send Positive Signals; Capture AI Agent Opportunities
The cloud business growth was expected to further accelerate, with Alibaba Cloud management planning to launch more MaaS products in 2026 to capture AI demand. The latest Qwen3.6-Plus model ranked first in OpenRouter's daily leaderboard, with +1.4 trillion tokens in daily usage in April after its release.

Alibaba Cloud recently raised product prices by up to 30%, primarily to offset swelling costs. There are currently no plans for further price adjustments, though dynamic pricing will be adopted.

CLSA trimmed its adjusted net profit forecasts for FY26 and FY27 by 12% and 25%, respectively. The TP was cut from USD200 to USD190, while the rating was maintained at Outperform.
(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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