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Benzinga
Benzinga
Business
Anusuya Lahiri

Mizuho Continues To See Upside In Alibaba, JD, Baidu, Dada Amid Odds

  • Mizuho saw a challenging 1H22 for China's internet, given the ongoing disruptions to consumer spending and business activities from COVID restrictions. 
  • Mizuho expects the negative impact to spread across all internet segments, including e-commerce, advertising, and cloud computing. 
  • As a result, Mizuho lowered its revenue growth rate by 5 points in 1H22 and 3 points for FY22. 
  • Mizuho cut the PT for Baidu, Inc (NASDAQ:BIDU) from $300 to $285 (127.7% upside) and maintained a Buy.
  • Mizuho cut the PT for JD.com, Inc (NASDAQ:JD) from $100 to $90 (45% upside) and maintained a Buy.
  • Mizuho cut the PT for Alibaba Group Holding Limited (NYSE:BABA) from $180 to $160 (62.3% upside) and maintained a Buy.
  • Mizuho cut the PT for Dada Nexus Limited (NASDAQ:DADA) from $20 to $18 (129% upside) and maintained a Buy.
  • Mizuho cut the PT for Tencent Holding Ltd (OTC: TCEHY) (from HK$450 to HK$400). 
  • JD and Baidu were Mizuho's top picks set to gain market share from regulatory policies and a competitive environment. 
  • Price Action: BABA shares traded higher by 1.90% at $98.93 on the last check Monday.
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