Alibaba (BABA) Received its Third Buy in a Row
After Truist Financial and J.P. Morgan gave Alibaba (NYSE: BABA) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Vincent Yu assigned a Buy rating to Alibaba today and set a price target of $330.00. The company’s shares closed last Thursday at $206.08, close to its 52-week low of $194.03.
According to TipRanks.com, Yu is a 4-star analyst with an average return of 14.0% and a 31.7% success rate. Yu covers the Technology sector, focusing on stocks such as Tencent Music Entertainment Group, China Online Education Group, and So-Young International.
Currently, the analyst consensus on Alibaba is a Strong Buy with an average price target of $303.10, implying a 42.2% upside from current levels. In a report issued on May 11, J.P. Morgan also initiated coverage with a Buy rating on the stock with a HK$310.00 price target.
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Alibaba’s market cap is currently $559B and has a P/E ratio of 26.10. The company has a Price to Book ratio of 6.83.
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Alibaba Group Holding Ltd. operates online and mobile marketplaces in retail and wholesale trade. It has four business segments: Core Commerce (includes Taobao marketplace, Tmall, 1688.com, Lazada, Alibaba.com and others); Cloud Computing; Digital Media and Entertainment (includes Youko Tudou, Alibaba Pictures and other content platforms); and Innovation Initiatives and Others (includes Amap, DingTalk and Tmall Genie). The company was founded by Chung Tsai and Yun Ma on June 28, 1999 and is headquartered in Hangzhou, China.