Analysts Are Insanely Bullish on Alibaba Right Now

Chinese e-commerce giant Alibaba Group Holding Ltd (NYSE:BABA) is receiving a slew of bullish analyst notes this morning, on the heels of yesterday’s blockbuster earnings report.

The stock is set to open at fourteen-month highs this morning, with follow-through from yesterday’s report spurred by the following analyst commentary:

• Goldman adds to Conviction Buy List, bumps price target to $120 from $104 (30% upside).
• Raymond James upgrades to Strong Buy from Outperform.
• Macquarie upgrades to Outperform.
• Needham raises target $105 from $95 (14% upside), citing strong mobile revenue and high margins.
• RBC Capital Markets boosts price target $110 from $105 (20% upside), lauding the company’s significant improvement in monetization, both on mobile and desktop.

BABA shares rose $0.93 (+1.01%) to $92.70 in premarket trading Friday. The stock has gained 13% year-to-date, nearly doubling the return of the benchmark S&P 500 during the same period.

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