Goldman Sachs lowered Alibaba's price target from 18 Yuan to 15 Yuan, or 16 percent, and lower the company's target price earnings ratio of 2009 from 33 times to 30 times, but maintained the stocks neutral rating.
The investment bank issued a report saying that Alibaba's new customer growth will slow down because the appreciation of Yuan coupled with the slowdown of United States. Goldman also believes and the global economic slowdown will strike China's textile exports.
It lowered its anticipation of the growth of customers in the first quarter from 2600 to 1000, because of the first quarter's snowstorm in China, the Lunar New Year and sales teams' alteration.
Goldman Sachs also lowered the forecast of whole year's customers' growth from 13,000 to 10,000, but maintained the forecast of 13,000 of 2009 to reflect the company benefiting from its business re-adjustment.