Alibaba To $155? These Analysts Slash Price Targets On Chinese E-commerce Giant Following Quarterly Results

Alibaba Group Holding Ltd BABA reported better-than-expected  earnings for its second quarter, while sales missed estimates. The company also announced its board approved to upsize its share repurchase program by another $15 billion.

Alibaba said third-quarter revenue increased 3% year-over-year to RMB207,176 million ($29.12 billion), which missed average analyst estimates of $29.45 billion. The China-based e-commerce company reported quarterly earnings of $1.82 per share, which beat average estimates of $1.64 per share.

Alibaba shares gained 7.8% to close at $84.26 on Thursday.

These analysts made changes to their price targets on Alibaba following the release of quarterly results.

• Citigroup cut the price target on the stock from $146 to $144. Citigroup analyst Alicia Yap maintained a Buy rating on the stock.
• UBS slashed Alibaba price target from $140 to $135. UBS analyst Jerry Liu maintained a Buy rating on the stock.
• Mizuho lowered the price target on Alibaba from $160 to $155. Mizuho analyst James Lee maintained a Buy rating on the stock.
• HSBC slashed the price target on Alibaba from $132 to $124. HSBC analyst Charlene Liu maintained the stock with a Buy.