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Fly News Breaks for May 16, 2019
BABA
May 16, 2019 | 07:38 EDT
Stifel analyst Scott Devitt increased his FY20 and FY21 revenue estimates for Alibaba due to better than expected customer management, New Retail, and local consumer services revenues, noting that while he thinks the company's 33% revenue growth guidance for FY20 is likely conservative considering the macro backdrop. The analyst, who also said that he expects losses in digital media and entertainment to narrow in FY20, increased his price target to $220 from $200 and keeps a Buy rating on the shares.
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