Alibaba Shares Fall 2.9% After Target Cut

Alibaba (HK:9988) fell 2.9% to HK$122.70, dragging the Hang Seng index down 0.6% on April 9, 2026.
Jefferies lowered its target price for Alibaba’s U.S. shares to $185 from $212, citing higher AI promotion spend and rising non‑core losses.
Alibaba plans to spend 3 billion yuan ($431 million) on Lunar New Year promotions, mainly to boost its Qwen AI app usage.
Jefferies expects quick‑commerce losses to improve in the March quarter and fiscal‑2027 losses to halve versus the prior year.