Alibaba: Pullback Sets Up Compelling Long-Term Opportunity (Rating Upgrade)

Alibaba (NYSE:BABA) (OTCPK:BABAF) reported its March quarter with revenue and EBITDA both coming in short of the consensus due to 1) negative delta from Cainiao logistics, 2) cloud revenue largely in-line (although buyside consensus were expecting much higher growth), 3) deceleration in AIDC,…