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Alibaba Price Target Cut by Baird on Monopoly Investigation

December 28, 2020

Via: TheStreet

Alibaba (BABA) – Get Report had its price target cut by Baird analyst Colin Sebastian to $285 from $325 as China’s government investigates the internet titan on anti-trust grounds.

The analyst maintained his outperform rating on the stock.

Alibaba’s American depositary receipts traded at $219.32, down 1.18%, in premarket trading Monday. The ADRs dropped 30% from Oct. 27 through Thursday amid the government’s pressure on Alibaba and its payments affiliate Ant Group. Alibaba owns 33% of Ant, the world’s largest financial technology company.

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