Wedbush Raises Price Target on Alibaba (BABA) to $90 Following 1Q
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."
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Shares of Alibaba closed at $91.77 yesterday.