Alibaba (BABA) PT Lowered to $210 at Oppenheimer

Oppenheimer analyst Jason Helfstein lowered the price target on Alibaba (NYSE: BABA) to $210.00 (from $230.00) while maintaining an Outperform rating.

The analyst commented, "We now expect softer core commerce revenue, mainly due to modestly slower eCommerce industry trends and mix to non-paid product recommendations (vs. paid search). In addition, we also expect investments at New Retail, Ele.me and DME to have a greater impact on near-term margins. We believe management's commentary around 2H:19 will become the main investor focus during the earnings call, as near-term headwinds weigh on the company's FY19 target of 60%+ y/y overall revenue growth and 50%+ (excluding Ele.me and Cainiao). Lowering target to $210 (from $230), but maintaining Outperform rating as we expect trade war rhetoric to subside after mid-term elections."

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