Atlantic Equities Upgrades Alibaba (BABA) to Overweight
Atlantic Equities upgraded Alibaba (NYSE: BABA) from Neutral to Overweight with a price target of $215.00 (from $130.00).
Analyst James Cordwell says Q1 yielded evidence that the company "can leverage its scale, data and resource" to expand its market share when it comes to eCommerce while driving stronger ad revenue growth and margin expansion. The analyst says the valuation is reasonable on a sum-of-the-parts basis and expects further upside. Cordwell expects ad revenue growth to continue.
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Shares of Alibaba closed at $169.25 yesterday.