In a report issued Tuesday, Bank of America analyst Eddie Leung initiated coverage on Alibaba Group Holding Ltd BABA with a Buy rating and a $112 price target.
Leung expects Alibaba to remain the largest eCommerce name in China with a 68 percent market share (by general merchandise value) in FY17E, which provides it solid exposure to industry growth. He also feels economies of scale will support margins in the 37 to 39 percent range, along with continued monetization of ad revenues.
Alibaba shares were trading at $84.20, up 1.7 percent.
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