<h3>Credit Suisse: Maintains Alibaba-SW &#34;Outperform&#34; rating with a target price of HKD 114</h3>
<p>The report states that in the current market conditions, Alibaba-SW has withdrawn the Hong Kong IPO application of its subsidiary Cainiao Smart Logistics Network, which the market did not find entirely surprising. The company acquired the remaining 36.3% stake in Cainiao at a price of USD 0.62 per share, implying a valuation of approximately USD 10.3 billion, or 0.7 times the market's expected sales rate for this year.</p>
<p>The bank mentioned that Alibaba's management emphasized during a conference call the strategic considerations of deep integration between e-commerce and logistics to further strengthen its competitive position. In the domestic market, gaining and growing market share is crucial; in overseas markets, cross-border e-commerce is a huge market, with the goal of achieving delivery within 72 hours globally.</p>
<h3>Wedbush: Maintains Apple's &#34;Outperform&#34; rating with a target price of USD 250</h3>
<p>The bank stated that with declining iPhone sales and intense competition in the Chinese market, Apple may double down on the Chinese smartphone market.</p>
<p>Apple needs to overcome challenges in the Chinese market before the release of the iPhone 16, including a challenging macro environment and competition from other brands, all starting with reaffirming Apple's presence in China. Tim Cook's recent trip to China is a sign that Apple may double down on the Chinese market.</p>
<h3>Citigroup: Maintains Tesla's &#34;Neutral&#34; rating, lowers target price from USD 224 to USD 196</h3>
<p>Citigroup stated that Tesla will announce first-quarter delivery data and has revised its forecast for the company's first-quarter delivery volume from 473,300 vehicles to 429,900 vehicles, up only 2% year-on-year to reflect recent data. This includes deliveries of 160,000 vehicles in the US, 132,000 vehicles in China, and 92,000 vehicles in Europe.</p>
<p>The bank pointed out that market expectations have been lowered in recent weeks, but March data still disappoints. Buyers expect Tesla's first-quarter deliveries to be significantly lower than the sellers' estimates of 460,000 to 470,000 vehicles, posing a challenge to the stock price as market expectations remain too high, not only for this year's forecasts but also for next year's forecasts.</p>
<p>The bank maintains a &#34;Neutral&#34; rating on Tesla, waiting for a more convincing buying opportunity. Based on the revised first-quarter delivery forecast, the target price for the stock has been lowered from USD 224 to USD 196. The bank forecasts Tesla to deliver 1.97 million vehicles for the full year, up 9% year-on-year, with a delivery forecast of 2.2 million vehicles for next year.</p>
<h3>Wedbush: Raises Microsoft's target price from USD 475 to USD 500</h3>
<p>&#34;In short, we see the adoption of generative AI and Copilot accelerating, which in turn catalyzes more Azure cloud transactions for Microsoft. With explosive growth of AI across the enterprise domain, the next 6 to 12 months will see significant momentum.&#34;</p>
<p>Wedbush also stated that all of this is just the beginning of Microsoft's growth in the new year, with AI leading the development trajectory for Microsoft in the coming years</p>

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<p>Credit Suisse maintains Alibaba's target price at HKD 114, believing that in the current market conditions, Alibaba's withdrawal of Cainiao's Hong Kong IPO application did not come as a complete surprise to the market; Citigroup lowered Tesla's target price from $224 to $196, and revised down the company's first-quarter delivery volume forecast from 473,300 to 429,900 vehicles, only a 2% increase year-on-year</p>

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Rating Quick Look | Tesla's target price has been lowered again! Microsoft, Alibaba, Apple are optimistic