MKM Partners maintains a Buy rating on Alibaba (NYSE: BABA), with a price target of $115 following solid March quarter results. Monthly mobile users grew 77% to 289mn. This is equal to the entire Internet user population in the U.S. BABA reported non-GAAP EPS of $0.48, and revenue of $2.81B.

MKM Partners analyst, Rob Sanderson, commented on BABA, saying, "We continue to view BABA as a must-own stock for growth managers. While a greater crack-down on fraudulent activities may be pinching near-term GMV growth, we think this is neutral to revenue. Near-term monetization concerns appear to have been misplaced and the lock-up expiration has not caused a significant supply shock for the stock. We find the stock attractive at 24x our CY16 non-GAAP EPS estimate, about 0.7x our 3-yr EPS growth forecast (CY'14-16) and expect the stock will likely continue to recover in the near-term. No change to our $115 price target."

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Shares of Alibaba closed at $86.72 yesterday.