After Oppenheimer and Merrill Lynch gave Alibaba (NYSE: BABA) a Buy rating last month, the company received another Buy, this time from Raymond James. Analyst Aaron Kessler reiterated a Buy rating on Alibaba today. The company’s shares closed last Tuesday at $259.20, close to its 52-week high of $268.00.
According to TipRanks.com, Kessler is a top 25 analyst with an average return of 24.5% and a 73.6% success rate. Kessler covers the Technology sector, focusing on stocks such as Uber Technologies, TechTarget, and EverQuote.
Currently, the analyst consensus on Alibaba is a Strong Buy with an average price target of $278.05, which is a 7.5% upside from current levels. In a report issued on August 10, Oppenheimer also maintained a Buy rating on the stock with a $290.00 price target.
Based on Alibaba’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $114 billion and net profit of $3.22 billion. In comparison, last year the company earned revenue of $93.5 billion and had a net profit of $25.91 billion.
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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.