JPMorgan analyst Alex Yao double downgraded Alibaba Group Holding Ltd(NYSE:BABA) to Underweight from Overweight with a price target of $65, down from $180 (21% downside).
Due to rising geopolitical and macro risks, many global investors fled the China internet sector, leading to significant fund outflows. The trend was likely to continue it being the most owned stock. The pressurized core business also jeopardized its near to mid-term business outlook, with rising inflation and "weakening consumption confidence thanks to China's COVID resurgence.
