Oppenheimer Raises price Target on Alibaba (BABA) to $115 Following 1Q
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Oppenheimer reiterated an Outperform rating on Alibaba (NYSE: BABA), and raised the price target to $115.00 (from $110.00), following the company's 1Q earnings report.
Analyst Jason Helfstein commented, "Raising price target from $110 to $115 on extraordinary F1Q:17 results, with GMV/ revenue/EBITDA exceeding consensus by 2%/7%/13%. We are encouraged by BABA's progress in monetization, globalization and transparency. Its Prime-like ecosystem and growth in Cloud computing should support a multi-year growth story. Improved rural & category expansion shows continuation of scalable model vs. largest competitor, who faced growth/profitability issues. In addition, Lazada/ AliExpress and AliCloud all have global potential. Lastly, we still see a long runway for core commerce growth, driven by rural/mobile/Cloud. Target increased on higher marketplace valuation. Incremental segment disclosure should help promote SOTP valuation."
Shares of Alibaba closed at $91.77 yesterday.
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