KeyBanc Capital Markets is lowering its estimates for Alibaba Group Holding Ltd – ADR (NYSE: BABA) in the second half of the year.Traffic shifts to merchant livestreaming could have a negative impact on the Chinese e-commerce giant's monetization, an analyst said. The KeyBanc Analyst: Hans Chung reiterated an Overweight rating on Alibaba and raised the price target from $255 to $285.The KeyBanc Takeaways: "The shift to live streaming traffic/GMV could represent more upside from a LT perspective, given higher engagement and conversion than regular channels," Chung said in a Monday note. (See his track record here.)COVID-19 has structurally changed the ways of doing businesses and has been accelerating digitalization, the analyst said. DingTalk, with over 100 million daily active users, presents a big potential for enterprise value in the long run, he said. BABA Price Action: Alibaba shares were down 0.54% at $247.25 at last check Wednesday. Latest Ratings for BABA DateFirmActionFromTo Jul 2020KeyBancMaintainsOverweight Jul 2020NeedhamInitiates Coverage OnBuy May 2020CFRAMaintainsHold View More Analyst Ratings for BABA View the Latest Analyst Ratings See more from Benzinga * Yeezy Deal A Traffic Driver For The Gap, RBC Says In Upgrade * 10 Reasons Why Investors May Start To View Walmart As A Tech Stock * Positive Restaurant Trends Faltering As Q3 Starts, Morgan Stanley Says(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
