Alibaba (BABA): Singles Day Delivers - Needham
- Futures fall on Trump's protectionist address
- Qualcomm (QCOM) Calls Apple's (AAPL) Claims 'Baseless'
- Unease over Trump sends dollar to one-and-half month low
- Kate Spade (KATE) Said to Attract Interest from Coach (COH) and Michael Kors (KORS) - Bloomberg
- European stocks hit three-week low as Trump reality sets in
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Needham & Company analyst, Kerry Rice reiterated his Buy rating on shares of Alibaba (NYSE: BABA) after Singles Day GMV was nearly 18B, up 32% y/y. The total was slightly below his modeled estimate of $18.3B but he believes the company should meet December quarter revenue expectations.
Several positives from Single's Day include:
1) the majority of transactions were mobile.
2) customers and merchants from all of the world participated in the event, highlighting that Alibaba serves as an important gateway for U.S. brands and retailers to the Chinese consumers.
3) Alipay played an important role during the day further highlighting its reach, scale, and product diversification.
On top of the Singles Day data, the analyst believes Ant Financial is on track for a 2017 IPO, which could serve as a catalyst for Alibaba. No change to the $125 PT.
Shares of Alibaba closed at $92.99 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Alibaba (BABA): Expect Inline Report - Cantor Fitzgerald
- Procter & Gamble (PG) PT Raised to $99 at Jefferies Following 2Q Beat
- Credit Suisse Starts Molson Coors (TAP) at Neutral
Create E-mail Alert Related CategoriesAnalyst Comments
Related EntitiesNeedham & Company, IPO
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!