- 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.
- Also Read: Read What It Will Take For Alibaba's Most Accurate Analyst To Reverse His Sell Recommendation
- 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.
- Related: Chinese authorities braced to conclude a yearlong probe into DiDi Global Inc's DIDIY cybersecurity practices triggering positive vibes in the sector.
- Price Action: BABA shares traded lower by 0.43% at $104.30 on the last check Wednesday.
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