Huatai Securities: Maintains a buy rating on Alibaba with a target price of HK$150.

Huatai Securities issued a research report on Alibaba-W, stating that the company's e-commerce business is expected to be under pressure due to investment in flash sales in the first quarter of the 2026 fiscal year, while cloud fundamentals remain strong. In addition, the volume of Taobao flash sales business is growing rapidly, and synergy with offline e-commerce still needs some time to incubate. It is recommended to focus on ROI. The non-GAAP net profit forecast for FY26-28 is revised down by 20.6/22.2/21.3% to 1,340/1,550/1,697 billion yuan. The "buy" rating is maintained with a target price of 150 Hong Kong dollars.