A lively stock over the past year, Alibaba (NYSE: BABA) was sluggish on the stock exchange Monday. In a new research note, he trimmed his target to $203 per share from the previous $209. Referring to two major Alibaba e-commerce platforms, Leung wrote that "There have been signs of continuous uneven sales performance of different product categories and types of merchants on Taobao/Tmall since [the second half of] 2021."
Shares of Alibaba (NYSE: BABA) were moving higher today, in tandem with a number of Chinese tech stocks. As of 2:31 p.m. ET, Alibaba stock was up 3.7%. The Nasdaq entered a correction yesterday, meaning that the tech-heavy U.S. index is down more than 10% from its recent peak, reached in November.
The Chinese internet powerhouse's stock is cheap, but that doesn't make it a great investment opportunity.