Alibaba (BABA) PT Raised to $110 at Evercore ISI
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Evercore ISI raised its price target on Alibaba (NYSE: BABA) to $110.00 (from $98.00) following "very solid" June quarter results.
The firm commented, "Alibaba impressed with another quarter of accelerated revenues on strong margins and user metrics while detailing the new segment disclosures laid out at its June 14th Analyst Day in Hangzhou. Reported revenues grew 59% y/y to $4.8bn, or 47% organic growth, well ahead of the FY guided rate of 36%+ (or 48%+ reported). Meanwhile, adj. EBITDA increased 41% y/y to $2.2bn (12% more than expected). Flowing through the quarter’s beat on higher back-half estimates brings our respective FY revenue and EBITDA growth to 50% and 33% y/y (vs. 45% and 22% growth prior) and our Alibaba target price to $110 from $98."
Shares of Alibaba closed at $91.77 yesterday.
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