Baird analyst Colin Sebastian reiterated an Outperform rating and raised his price target on Alibaba (NYSE: BABA) to $110.00 (from $104.00).

Sebastian commented, "F2Q17 reported solid results with revenues slightly missing our expectations (core commerce deceleration) but a nice EBITDA beat. While still small, growth in secondary segments is robust, in particular AliCloud +130% Y/Y. Management continues to execute on its "mobile-first" e-commerce strategy, and mobile engagement and monetization trends remain positive. Focus on growth investments may lead to non-linear margin expansion in the near term, but long-term fundamental trends remain intact. Maintain Outperform rating, new $110 price target."

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 $98.51 yesterday.