Alibaba Group Holding Ltd BABA fell approximately 2.5 percent Tuesday despite positive comments from Bernstein.
Bernstein analyst Carlos Kirjner raised his price target on Yahoo! Inc. YHOO from $50 to $60 due to the company’s stake in Alibaba.
Kirjner noted that Alibaba has “potentially large” opportunities in areas of health and property insurance that are still untapped. Kirjner valued Alibaba at $350 billion; the current market capitalization is $285 billion.
Alibaba touched a low of $110.62, but found support and bounced back above $111.
Alibaba’s stock is up nearly 27 percent in the last month and some profit-taking may be expected.
Also in the news is that Yahoo CEO Marissa Mayer is trying to find a way to liquidate or spin-off the company’s $44 billion stake in Alibaba while minimizing a potential $15 billion tax bill.
Alibaba recently traded at $111.70, down 2.2 percent.
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