Alibaba price target lowered to $120 from $127 at UBS

UBS analyst Kenneth Fong lowered the firm’s price target on Alibaba to $120 from $127 and keeps a Buy rating on the shares. The stock is down by 10% following the quarterly results, and UBS says that founder Jack Ma selling shares may be read negatively, as despite no longer being involved in operations, selling Alibaba at a depressed valuation may hurt sentiment, the analyst tells investors in a research note. In addition, the termination of the AliCloud spinoff may have raised concerns about room for future returns, UBS says.