In a recent update, we had revised down our price estimate for Alibaba to $82, based on slowdown in the Chinese economy, coupled with downward revision of gross merchandise volume forecast for the third quarter of 2015. Our current price estimate, which has been modeled assuming a more base-case scenario for the Chinese economy, represents a bullish outlook of around 30% upside to the current market price. This is as we believe the market could be currently overplaying the risks related to Chinese economy and increased competition.

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