Cantor Fitzgerald analyst Naoshi Nema raised his price target for Alibaba Group to $270 and reiterates an Overweight rating on the shares following this morning’s Q3 results. The stock in late afternoon trading is down 6% to $192.01. The analyst views the earnings report “rather positively” despite the post-earnings selloff. Alibaba maintained strong revenue growth in China Commerce Retail and accelerated its annual active consumers to the fastest growth in the past six quarters, Nema tells investors in a research note. Although the profit margin declined to 31% from 39% of last year due to new consolidation of logistics subsidiary and physical stores under its New Retail strategy, Alibaba is heading to a right direction, the analyst contends.