was downgraded to equal-weight from overweight at Morgan Stanley, with its price target cut to $90 from $110. The bank said a fundamental turnaround is happening more slowly than it had assumed for both Taobao and Tmall and the cloud business, though it said there’s limited downside to current valuation levels. Meanwhile, the firm said it’s top pick in Chinese e-commerce is PDD Holdings
as it notes the company’s extensive low-price but high quality supply chain, and also said investors have not yet assigned meaningful value to Temu. JD.com’s
price target was lowered to $30 from $33 and its rating was kept equal-weight.