Citi analyst Alicia Yap expects Alibaba's September 23 and 24 investor days to focus on new chairman and CEO Daniel Zhang's vision and strategy, the CFO's comments on investment strategy and margins, and progress and customer feedback on recommended feeds and Tmall 2.0 initiatives. The analyst believes the CFO is unlikely to revise Alibaba's fiscal 2020 revenue guidance, and instead will likely offer reassurance on "healthy" growth in core marketplace margins and on a disciplined approach to new investment initiatives. Yap keeps a Buy rating on Alibaba shares with a $233 price target.

After attending the virtual launch of Alimama's new site-wide, AI-enabled, and ROI-based ad tool, Morgan Stanley thinks the new tool will improve merchants' marketing efficiency. The analyst, who sees upside risk to Alibaba's take rate and room for top-line estimates to rise, has an Equal Weight rating and $85 price target on Alibaba shares.