Alibaba Group Holding Ltd (NYSE:BABA) shares rose 3% in Friday’s trading session, after the Chinese e-commerce giant reported solid F4Q17 results, which topped expectations for both revenue and EBITDA.

In reaction to the earnings, several analysts changed their 12-month price targets for the company.

Oppenheimer analyst Jason Helfstein reiterated an Outperform rating on BABA, while raising the price target to $140 (from $130) with a price target of $140, which represents a potential upside of 12% from where the stock is currently trading.

Helfstein noted, “Increasing F18E revenue by 1% to reflect strong business momentum. Estimates seem conservative, as we expect additional information at analyst day. Increasing F18E GP/non-GAAP EBITDA by 1%/2%, implying slightly better operating leverage. New target of $140 reflects higher core marketplace & cloud valuation partially offset by higher taxes.”

Echoing the remarks made at Oppenheimer, Cantor analyst Naved Khan maintained an Overweight rating on Alibaba shares, while raising the price target to $135 (from $120).

Khan commented, “We expect BABA to continue to benefit from a strong growth trend, powered by a growing user base, rising consumer engagement, increasing mobile adoption, growing merchant spending and platform/data improvements. At ~20x FY18E EBITDA and a ~27x P/E, we view the valuation as compelling given the growth and margin profile of the business and the potential for upside from monetizing the stake in Ant Financial.”

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Helfstein and Naved Khan have a yearly average return of 12.7% and 21.4% respectively. Helfstein has a success rate of 62% and is ranked #141 out of 4561 analysts, while Khan has a success rate of 84% and is ranked #118.