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Commerce Giant Shares Drop

  • Reuters, Friday, August 14, 2015 3 PM

Analysts have cut their price targets for Alibaba Group Holding Ltd shares after the stock fell to a post-flotation low on Wednesday on weak earnings and concerns over China's economy. Alibaba's shares are now at $73.38, hovering just above their initial public offering price of $68. The average target price fell from $106.82 on Tuesday to $99.09 on Thursday, according to a Thomson Reuters survey of 46 analysts. Of those analysts, 41 recommend buying Alibaba shares. None suggest selling, though the company has lost over $100 billion of market capitalisation since its November high.

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