Bernstein Upgrades Alibaba Citing Likeliness Of Ant IPO Soon, Improved GMV Share - Alibaba Gr Holding (NYSE:BABA)

Bernstein analyst Robin Zhu upgraded the rating on Alibaba Group Holding Limited BABA to Outperform from Market Perform and raised the price target from $115 to $130.
He expected incremental gross merchandise volume share to likely improve "in the coming quarters," citing easier comparisons and softer macroeconomic issues.
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Zhu also noted that Alibaba founder Jack Ma conceived fintech affiliate Ant would likely see an initial public offering soon, driving Alibaba's valuation.
He highlighted the possibility that Alibaba's Hong Kong listing could be its primary listing, with up to $21 billion inflows in its stock.
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Price Action: BABA shares traded lower by 0.43% at $104.30 on the last check Wednesday.