Barclays analyst, Gregory Zhao, reiterated his Overweight rating on shares of Alibaba (NYSE: BABA) and raised his price target to $200 after the company reported total revenues 5% above consensus, driven by 65% y/y growth of Customer Management (Marketing) services (52% of total revenues).

The analyst stated "Alibaba keeps defying the law of big numbers in FY1Q18 (CY2Q17), with solid earnings results blowing away Street consensus". However, the PT increase is more due to a roll forward of the model than upside surprise. The new $200 PT is up from $180 on a 32 multiple of 2019 EPS rather than 2018.

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Shares of Alibaba closed at $167.50 yesterday.