--- title: "Goldman Sachs: Reiterates \"Buy\" rating on Alibaba-W with a target price of HKD 180" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/279901131.md" description: "Goldman Sachs reiterated its \"Buy\" rating on Alibaba-W, with a target price of HKD 180. Despite a soft performance in the third quarter of fiscal year 2026, with overall revenue growing 2% year-on-year and EBITA declining 57% year-on-year, the main business lines met expectations. Positive factors include AI revenue growing at triple digits for ten consecutive quarters and external cloud revenue accelerating to 35%. Management emphasized details of AI infrastructure and full-stack AI layout, and the market will focus on several key points, including Alibaba's Token Hub business unit and AI application strategies" datetime: "2026-03-20T07:25:04.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279901131.md) - [en](https://longbridge.com/en/news/279901131.md) - [zh-HK](https://longbridge.com/zh-HK/news/279901131.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/279901131.md) | [English](https://longbridge.com/en/news/279901131.md) # Goldman Sachs: Reiterates "Buy" rating on Alibaba-W with a target price of HKD 180 According to the Zhitong Finance APP, Goldman Sachs released a research report stating that Alibaba-W (09988) had a weak performance in the third quarter of the 2026 fiscal year, with overall revenue growing by 2% year-on-year and group EBITA declining by 57%. However, the main business lines were generally in line with expectations. E-commerce customer management revenue grew by 1% year-on-year, meeting the bank's expectations; cloud business revenue grew by 36%, with an EBITA margin of 9%, also in line with expectations. The main deviation from expectations was due to increased investment in the Tongyi Qianwen model and consumer applications during the quarter. Goldman Sachs maintains a "Buy" rating on Alibaba, with a target price of HKD 180 based on the SOTP valuation method. The report pointed out that positive factors in the performance included: AI revenue achieving triple-digit growth for the tenth consecutive quarter; external cloud revenue accelerating to a 35% growth; AI-driven capital expenditures remaining at RMB 29 billion. Management also elaborated on the details of Alibaba's AI infrastructure and full-stack AI layout, emphasizing the rapid expansion of the Tongyi Qianwen model family, the PingTouGe chips, and the progress of Tongyi Qianwen consumer AI applications. The bank expects the market to focus on several key points during the earnings conference, including: the newly established Alibaba Token Hub business unit and Tongyi Qianwen model strategy, the positioning of AI applications in AI agency opportunities, cloud growth and capital expenditure trajectory and return on investment, Tongyi Qianwen consumer AI application strategy, the improvement path for unit economics in instant retail business, and the strategies of Taotian Group to address the weakness in customer management revenue and profit margin trends in 2026 ### 相關股票 - [BABA-W (09988.HK)](https://longbridge.com/zh-HK/quote/09988.HK.md) - [Alibaba (BABA.US)](https://longbridge.com/zh-HK/quote/BABA.US.md) - [KraneShares 2x Long BABA Daily ETF (KBAB.US)](https://longbridge.com/zh-HK/quote/KBAB.US.md) - [BABA 2x Long Daily ETF - GraniteShares (BABX.US)](https://longbridge.com/zh-HK/quote/BABX.US.md) - [YieldMax BABA Option Income Strategy ETF (BABO.US)](https://longbridge.com/zh-HK/quote/BABO.US.md) ## 相關資訊與研究 - [Alibaba Reportedly Launches New AI Platform That Oversees Multiple Agents](https://longbridge.com/zh-HK/news/279412426.md) - [Alibaba Unveils Token Hub To Consolidate AI Efforts](https://longbridge.com/zh-HK/news/279272192.md) - [Alibaba has made 470,000 AI chips, admits they’re inferior and may always be](https://longbridge.com/zh-HK/news/279869327.md) - [Alibaba Unveils 'Wukong' AI To Automate Office Work, Replace Daily Chores](https://longbridge.com/zh-HK/news/279427888.md) - [China's Alibaba Eyes $100 Billion In Cloud, AI Revenue Over Five Years](https://longbridge.com/zh-HK/news/279916929.md)