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Alibaba analyst cuts price target to $165 after $10.2 billion raise

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  • Robin Zhu cut Alibaba's target to $165 from $180 while retaining a Buy rating.
  • $39.64 billion revenue grew 8.6%, while $1.26 EPS missed estimates by $0.68.
  • $10.2 billion Hong Kong equity offering followed Alibaba's existing net cash above $30 billion.
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