Alibaba (BABA) Singles Day GMW Slight Disappointment, But Long-Term Thesis Intact - Baird
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Baird analyst Colin Sebastian weighed in on Alibaba (NYSE: BABA) following Singles Day data, saying while GMV was a slight disappointment there was no change in their long-term positive thesis.
Sebastian commented, "At the conclusion of its Singles Day shopping event, Alibaba announced total GMV of $17.7B (+24% Y/Y from $14.3B last year). While this suggests a significant deceleration in growth from 60% a year ago, we note that absolute volume of sales is impressive, far exceeding the combination of both Black Friday and Cyber Monday online sales in the U.S. We would characterize volume growth as a slight disappointment, despite the generally positive commentary from Alibaba executives, and continue to highlight that GMV is a somewhat misleading metric, and recommend that investors look at volume trends directionally."
The firm maintained an Outperform rating and price target of $110.00
Shares of Alibaba closed at $94.34 yesterday.
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