Alibaba (BABA): Reiterating Buy Ahead of Singles Day - Needham
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Needham & Company analyst, Kerry Rice, reiterated his Buy rating on shares of Alibaba (NYSE: BABA) ahead of the 7th annual Single's Day Shopping Festival on November 11. The analyst expects GMV for 2016 Single's Day to reach RMB 124 billion, representing a 36% y/y growth from last year's event, which translates into $18.3 billion.
He also expects an increase in participating customers and transaction volume to be the primary growth drivers, offset by lower GMV per order. Additionally, Alibaba intends to leverage Single's Day to elevate its digital entertainment and crossborder strategic initiatives, as well as experiment with live streaming and virtual reality shopping experiences.
No change to the price target of $125.
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