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Alibaba's stock slump this year has unnerved many of the company's shareholders, but for UBS analyst Eric Sheridan, this is just a part of the growing pains.
Read More Alibaba's magic fades as stock plunges
"A lot of what's happened over the last one to two months is that some of the optimism from the IPO has worn off, " Sheridan told CNBC's "Squawk on the Street " on Wednesday. "We believe growth is still going to be good."
Sheridan said that Alibaba has the potential to become one of the few global e-commerce companies over the next five to 10 years. He attributes that to a "model that works" and opportunities for growth within China.
Despite lower-than-expected quarterly earnings for the company, Sheridan remains positive. He compared it to the slow growth of eBay in the 1990s. "We believe Alibaba is very focused on fixing things as they come to light in their marketplace."
He added that e-commerce globally still only accounts for a single-digit percentage of total consumer retail sales.
"That is a long penetration curve ahead for a lot of players, not just Alibaba."
Read More Alibaba's magic carpet ride isn't over