New Buy Rating for Alibaba (BABA), the 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 $300.00. The company’s shares closed last Thursday at $257.90, close to its 52-week high of $268.00.

According to TipRanks.com, Devitt is a top 100 analyst with an average return of 25.8% and a 71.2% success rate. Devitt covers the Technology sector, focusing on stocks such as Jumia Technologies AG, Uber Technologies, and Analog Devices.

Alibaba has an analyst consensus of Strong Buy, with a price target consensus of $279.63, which is an 8.9% 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.

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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.