Alibaba (BABA): Singles Day Revenues Expected to Rise 36% y/y - 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, which translates into $18.3 billion.
The push/pull expected for this year is an increase in participating customers and transaction volume being offset by lower GMV per order.
Additionally, we expect 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.
Shares of Alibaba closed at $96.67 yesterday.
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