In a research report sent to investors today, Brean Capital analyst Fawne Jiang reiterated a Buy rating on Alibaba Group (NYSE:BABA) and slightly reduced the price target to $110 (from $115), as the company reported a mixed FY3Q15 results with revenue missing expectations and non-GAAP EPS beating consensus upon higher margins.

In the report, Jiang noted, “The softer-than-expected revenue growth was mainly due to a lower monetization rate from its China retail business while GMV continued to see robust growth along with strong user growth, particular on mobile. With an IPO lockup expiration ahead, we expect trading pressure on the stock near term. Commitment to mobile (as an increasing proportion of its total business + optimizing user experience in anticipation of mobile shift) will add moving parts to monetization in near term.”

“However it does not change the long term fundamental proposition of the company. We view BABA as a market leader in China internet, where the company is transforming its business model from ecommerce services to a full-spectrum ecosystem providing everyday service elements to consumers and helping reshape and develop China and global commerce. We maintain our Buy rating; but lower our TP to $110, reflecting adjustments to our earnings estimates.”

Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People’s Republic of China and internationally.