Alibaba's (NYSE:BABA) price target was cut to $160 from $175 by Susquehanna on Tuesday, with analysts maintaining a Positive rating on the stock.
They believe the focus for Alibaba has shifted to restructuring, which is a potential long-term driver.
"BABA continues to face pressure related to the macro and lingering pandemic impacts, though the Chinese macro appears to have improved somewhat and cost discipline continues to pay off," wrote the analysts.
"Looking further ahead, we see the restructuring as a potential long-term value driver, as each company can surface additional operating metrics and can better focus on individual business and financing needs."
The firm continues to view BABA as the main China e-commerce player with a large secular growth opportunity. As a result, it maintained its Positive long-term view.
BABA shares are down more than 1% premarket, trading below the $85 mark.