Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
- Analysts cut their price targets on Alibaba Group Holding Ltd (NYSE:BABA) ahead of its quarterly results. However, they continue to see double-digit upside in the stock.
- Stifel analyst Scott Devitt lowered the price target on Alibaba to $150 from $170 (28% upside) and reiterated a Buy rating.
- The re-rating follows the previewed results for his China e-commerce coverage ahead of the December quarter reports from the group.
- Devitt lowered his current-quarter revenue growth estimate to 12.1% from 15.5% year-over-year to reflect slower than previously modeled revenue stemming from slower growth in discretionary categories, citing National Bureau of Statistics data.
- He also reduced his FY22 revenue growth estimate to 19.8% from 21.7% year-over-year to reflect overall weakness and uncertainty in the Chinese macroeconomic environment.
- Truist Securities analyst Youssef H. Squali lowered the price target on Alibaba to $180 from $200 (54% upside) while reiterating a Buy rating on the shares as part of a broader research note on the Internet and Digital Media.
- Following the recently published Chinese Stats Bureau's online physical goods sales data showing +5% Y/Y growth in the December quarter, he has reduced his Q3 revenue estimates to RMB 239 billion vs. consensus of RMB 249 billion.
- Longer-term, however, Squali "remains impressed" by Alibaba's "massive opportunity" in China and Southeast Asia.
- Price Action: BABA shares traded lower by 1.96% at $116.80 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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