Alibaba (BABA) PT Raised to $104 at Baird Amid 'Impressive Growth'
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Baird analyst Colin Sebastian reiterated an Outperform rating and raised his price target on Alibaba (NYSE: BABA) to $104.00 (from $94.00), noting impressive growth driven by commerce strength, Cloud momentum.
Sebastian commented, "F1Q17 performance highlighted by accelerating revenue growth(+59% Y/Y vs. +31% F4Q16; +47% ex-Lazada/Youku), Alibaba reported a strong top-line and EBITDA beat while growth in secondary segments(AliCloud +156% Y/Y) continues to surprise to the upside. Importantly, mobile monetization rates now exceed desktop for the first time in company history, which should eliminate investor concerns around the revenue impact of mobile mix-shift, and is reflective of Alibaba's value proposition to both merchants and buyers. Reiterate Outperform, new $104 price target."
Shares of Alibaba closed at $87.33 yesterday.
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