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.