In a report released today, Vincent Yu from Needham assigned a Buy rating to Alibaba (BABA), with a price target of $330.00. The company’s shares closed last Monday at $305.29, close to its 52-week high of $310.01.
According to TipRanks.com, Yu is a 3-star analyst with an average return of 2.2% and a 49.0% 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 $332.35, implying a 7.2% upside from current levels. In a report issued on October 6, Goldman Sachs also maintained a Buy rating on the stock with a $350.00 price target.
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The company has a one-year high of $310.01 and a one-year low of $168.12. Currently, Alibaba has an average volume of 13.41M.
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Alibaba Group Holding Ltd. engages in providing online and mobile marketplaces in retail and wholesale trade. It operates through the following business segments: Core Commerce; Cloud Computing; Digital Media and Entertainment; and Innovation Initiatives and Others. The Core Commerce segment comprises of platforms operating in retail and wholesale. The Cloud Computing segment consists of Alibaba Cloud, which offers elastic computing, database, storage and content delivery network, large scale computing, security, management and application, big data analytics, a machine learning platform, and other services provide for enterprises of different sizes across various industries. The Digital Media and Entertainment segment relates to the Youko Tudou and UC Browser business. The Innovation Initiatives and Others segment includes businesses such as AutoNavi, DingTalk, Tmall Genie, and others. The company was founded by Chung Tsai and Yun Ma on June 28, 1999 and is headquartered in Hangzhou, China.
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