Alibaba (BABA) PT Raised to $285 at Mizuho Securities
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Mizuho Securities analyst James Lee raised the price target on Alibaba (NYSE: BABA) to $285.00 (from $270.00) while maintaining a Buy rating.
The analyst commented, "Dec20 quarterly results were modestly better than expectations due to strong demand from Double 11 promotions. At the same time, the Cloud computing business reached profitability for the first time on strong growth. However, as mentioned in our preview note, margins will likely be under pressure due to increased investments in community-buying model, local delivery for non-food categories, and retail stores in lower-tier markets. We are maintaining FY23 Core EBITA estimate at RMB 319bn as we already factored in increased expenses. Maintain Buy rating and raise our SOTP-based PT from $270 to $285 as we lift our target revenue multiple for cloud from 2.5x to 3.4x to reflect improved profitability."
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