Alibaba price target cut at Mizuho on anticipation of 'challenging quarter'
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Alibaba (NYSE:BABA) saw some negative commentary from Wall Street, as Mizuho cut its price target on the Chinese e-commerce company, noting expectations of a "challenging quarter."
Analyst James Lee maintained his buy rating, but cut his price target to $180, down from $215. 
"On [Alibaba], although we anticipate a challenging quarter, we look for [customer management revenue] growth to reach a bottom in [March quarter] at -3% [year-over-year], Lee wrote in a note to clients.
Alibaba shares were slightly higher in pre-market trading, up more than 1% to $116.50.
In addition, Lee opined on several other Chinese tech stocks, including Baidu (NASDAQ:BIDU) and JD.com (NASDAQ:JD). He said that Baidu should report "in-line" results for the quarter, but should give "weak" first-quarter guidance due to macro factors and rising COVID-19 cases.
"On the positive side, we estimate cloud revenues to grow 2x to 3x faster vs peers, and the open search policy to position the company to gain share," Lee explained. "Maintain our top pick and slightly tweak our PT to $300 (was $305)."
Lee said he estimated JD.com would meet fourth-quarter expectations and JD Retail would gain market share, growing revenue 20% year-over-year. He kept it as his top pick with a $100 price target.
Lee also gave thoughts on Ctrip.com (NASDAQ:TCOM) and said that outbound travel is not expected to "fully open" until 2023, which would likely "extend the long-term recovery trend by nine months."
Earlier this month, Stifel cut its price target on Alibaba (BABA) and JD.com, noting both companies will have revenue growth issues this year.