Evercore ISI analyst Ken Sena reiterated a Buy rating and boosted his price target on Alibaba (NYSE: BABA) to $125.00 (from $120.00) on modestly higher estimates following solid Q2 results.

Sena commented, "Alibaba reported a solid 2Q15 driven by better-than-expected leading metrics, including accelerating overall user growth, strong volumes, and a healthy mobile MAU number, placing its mobile users at 71% of its total 307mm members and at 86% of China's domestic mobile GMV. On these results, we are increasing estimates modestly and lifting our target price to $125 from $120. Our Buy rating contemplates BABA's leading end-to-end capabilities, nationally secular tailwinds, and manageable estimate expectations, in addition to several valuation methodologies that all point to upside from where shares currently trade."

The firm is raising 3Q15 and '16 EBITDA by 2% in each period to ¥14.6bn ($2.3bn) and ¥57.7bn ($9.4bn), respectively, reflecting 52% and 53% of revenue.

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Shares of Alibaba closed at $106.07 yesterday.