"This is a pretty unique situation, more linked to the sheer scale of Ant and the sensitivities over financial regulation," he said. Last week, Baird analyst Colin Sebastian cut his price target on Alibaba to $285 from $325, maintaining his outperform rating, thanks to the government's anti-trust investigation of Alibaba. It's "very hard to predict the outcome" of the investigation, Sebastian wrote in a commentary. It "will not likely result in significant changes to the company's core business," he said. But stronger regulation "may open the door for competitors, including smaller regional players, to gain market share ," Sebastian said. That could put a small dent in Alibaba's growth, but won't have a major impact.