Wedbush Raises Price Target on Alibaba (BABA) to $90 Following 1Q

August 12, 2016 8:44 AM EDT
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Price: $95.45 -0.7%

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    36 Buy, 2 Hold, 0 Sell

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Wedbush reiterated a Neutral rating on Alibaba (NYSE: BABA), and raised the price target to $90.00 (from $80.00), following the company's 1Q earnings report. Revenue grew to $4.84 billion and topped consensus of $4.54 billion. Adjusted EBITDA of $2.1 billion topped consensus of $2.0 billion on better-than-expected revenue.

Analyst Gil Luria commented, "We see Alibaba as a fast-growing global ecommerce market leader, but believe a slowing Chinese economy will cap share appreciation. However, June quarter results do not show signs of deceleration yet."

For an analyst ratings summary and ratings history on Alibaba click here. For more ratings news on Alibaba click here.

Shares of Alibaba closed at $91.77 yesterday.

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