Several Wall Street analysts seem largely unfazed by Alibaba Group Holding Ltd.'s BABA, -3.69% weekend announcement that founder Jack Ma will step down from his chairman position in a year. "We think this announcement has unfortunate timing given macro, regulatory and sector concerns, but has been planned a long time," MKM Partners analyst Rob Sanderson wrote, citing that Ma wasn't mentioned on the company's invitation for this year's analyst day. He kept his buy rating and $280 price target intact. Jefferies analyst Karen Chan wrote that the long time frame for Ma's departure from the board as well as his intent to continue advising the company in a reduced role "should enable a smooth transition with lower 'key man risk.'" She maintained her buy rating and $225 target. Alibaba shares are down 1.6% in premarket trading Monday, and the stock has fallen 3.9% over the past 12 months. The S&P 500 SPX, +0.27% has gained 17% over the past 12 months.
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