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<Research>Citi Keeps Buy on BABA-W with TP HKD195
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According to a report from Citi, BABA-W (09988.HK) is set to announce its 3QFY26 results on March 19th, which are expected to align with the forecasts released by the broker earlier in January.

The projections include a 2.7% YoY increase in customer management revenue, a 35% growth in cloud revenue, adjusted EBITA of RMB27.7 billion, and adjusted EBITA for the e-commerce business at RMB37.4 billion, reflecting a loss of around RMB23 billion from the instant commerce business.

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Citi has kept BABA-W's Buy rating unchanged, with a target price of HKD195.
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