Yet Another Analyst Slashed Alibaba's Price Target, Outlook Following China's Covid Outbreak

Benchmark analyst Fawne Jiang reduced the price target on Alibaba Group Holding Ltd BABA to $220 from $235 (104.3% upside) and kept a Buy rating on the shares.
Jiang cut her fiscal Q4 revenue forecasts in China commerce direct sales to reflect the disruption of offline businesses due to COVID lockdowns.
Jiang lowered International Retail growth to reflect weakness in Aliexpress.
Jiang dropped her cloud revenue growth view to reflect COVID-induced project delays on top of slower growth in the Internet sector.
The cuts led her to reduce her overall year-over-year revenue growth view to 6% from 9% previously.
However, at the current valuation, the market "seems to have written off the value" of Alibaba's critical assets in the cloud, logistics, international and local services, leading Jiang to view the risk/reward as "substantially positively biased" for long-term investors.
Citi recently slashed Alibaba's price target following a Covid resurgence in China.
Price Action: BABA shares traded lower by 4.36% at $102.99 on the last check Thursday.