Alibaba Group Holding Ltd (NYSE: BABA) is trading lower Monday amid continued Evergrande uncertainty, which has weighed on the broader Chinese market.
Investors continue to weigh the possible implications of the potential default of China-based real estate company Evergrande.
Evergrande shares were halted pending a "major transaction." Chinese media reported Evergrande will sell a majority stake in its property management business.
Needham maintained Alibaba with a Buy rating and a price target of $330.
Alibaba is the world's largest online and mobile commerce company. It operates China's most-visited online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
BABA Price Action: Alibaba has traded as high as $319.32 over a 52-week period. The stock is making new 52-week lows in trading today.
Alibaba was down 3.56% at $139.06 at time of publication.
Photo: courtesy of Alibaba.
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Why Alibaba Shares Are Trading Lower Today
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