Dada Nexus price target lowered to $13 from $16.50 at Mizuho

Mizuho analyst Wei Fang lowered the firm’s price target on Dada Nexus to $13 from $16.50 and keeps a Buy rating on the shares. The analyst expects the recovery curve for China internet in the second half of 2022 to slow given the ongoing rising COVID cases and mobility restrictions that impacted consumer sentiment and business activities. Fang anticipates the headwind to be reflected across all segments of the internet, including ecommerce, advertising, and cloud computing.