Alibaba Group Holding Ltd BABA Singles' Day on was undoubtedly a hit, raking in nearly $18 billion in gross merchandise value. Singles' Day is now the world’s largest online shopping event and bigger than Black Friday.
Alibaba’s Singles' Day haul grew 32 percent year-over-year in 2016. This year brought in over 660 million orders, a 41 percent increase. AliCloud was able to handle the increased traffic, which saw peak transaction rates a remarkable 175,000 a second.
“We think Alibaba is a rare and valuable global Internet platform," said SunTrust's Bob Peck, "with a powerful ecosystem that creates 3 distinct value propositions for investors, including the value of: What Alibaba generates today; What Alibaba is becoming and; The optionality of what Alibaba can be long term."
SunTrust has a Buy rating on Alibaba with a $125 price target by year end 2017.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.