Mizuho Continues To See Upside In Alibaba, JD, Baidu, Dada Amid Odds

Mizuho saw a challenging 1H22 for China's internet, given the ongoing disruptions to consumer spending and business activities from COVID restrictions.
Mizuho expects the negative impact to spread across all internet segments, including e-commerce, advertising, and cloud computing.
As a result, Mizuho lowered its revenue growth rate by 5 points in 1H22 and 3 points for FY22.
Mizuho cut the PT for Baidu, Inc BIDU from $300 to $285 (127.7% upside) and maintained a Buy.
Mizuho cut the PT for JD.com, Inc JD from $100 to $90 (45% upside) and maintained a Buy.
Mizuho cut the PT for Alibaba Group Holding Limited BABA from $180 to $160 (62.3% upside) and maintained a Buy.
Mizuho cut the PT for Dada Nexus Limited DADA from $20 to $18 (129% upside) and maintained a Buy.
Mizuho cut the PT for Tencent Holding Ltd TCEHY (from HK$450 to HK$400).
JD and Baidu were Mizuho's top picks set to gain market share from regulatory policies and a competitive environment.
Price Action: BABA shares traded higher by 1.90% at $98.93 on the last check Monday.

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