Alibaba price target lowered to $111 from $115 at Loop Capital

Loop Capital lowered the firm’s price target on Alibaba to $111 from $115 and keeps a Buy rating on the shares as part of a broader research note on China Internet. The firm is reducing its forecasts to reflect China’s challenging macro environment, soft employment and weak consumer confidence, adding however that while the sector is struggling and lacks a clear event path, valuations in the group have become “overly punitive”, the analyst tells investors in a research note. China is still the world’s largest internet economy, and sustainable franchises will offer meaningful long-term upside to patient investors, the firm added.