Street Ignores MKN Partners Price Target Cut For Alibaba

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Alibaba Group Holdings BABA shares are trading sharply ‘shigher by $2.13 at $66.98 in Wednesday's session, The issue is now roughly $5 higher than Friday's close ($62.60), after the feature article in Barron's called for another 50 percent from Friday's close or $31.30. The rally is taking place even though MKM Partners significantly lowered its price target for the issue (from $105 to $85) before today's open. In fact, despite the negative commentary from the firm, the issue managed a higher ($65.61 vs, Tuesday's close of $64.85) and only retreated to $65.26 before the bulls took control of today's price action. So far, it has found intraday resistance at $68.08 and retreated to the $67 area. That marks the highest level for the issue from August 31 when it peaked at $69.30 and swooned to $60.25 only five trading sessions later. The all time high for the issue was made in November at $120, The all time low for the issue is less than half of that, when it bottomed during the Flash Crash at $58.