Alibaba (BABA): New Buy Recommendation for This Technology Giant

In a report released today, Scott Devitt from Stifel Nicolaus maintained a Buy rating on Alibaba (BABAResearch Report), with a price target of $230.00. The company’s shares closed last Friday at $199.70.

According to TipRanks.com, Devitt is a top 100 analyst with an average return of 21.2% and a 68.8% success rate. Devitt covers the Technology sector, focusing on stocks such as Jumia Technologies AG, Uber Technologies, and Analog Devices.

Currently, the analyst consensus on Alibaba is a Strong Buy with an average price target of $254.55, implying a 25.3% upside from current levels. In a report issued on May 18, Merrill Lynch also maintained a Buy rating on the stock with a $250.00 price target.

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The company has a one-year high of $231.14 and a one-year low of $147.95. Currently, Alibaba has an average volume of 19.35M.

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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.