13 Best Blue Chip Stocks to Buy Now

Page 7 of 12

6. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 101

Alibaba Group Holding (NYSE:BABA) is one of the best blue-chip stocks to buy now. On October 22, analysts at Mizuho reiterated an “Outperform” rating on Alibaba Group Holding (NYSE:BABA) and raised the price target to $195 from $159.

The price target hike comes amid expectations that the company is on track to deliver a strong summer, with an extremely high volume of delivery orders. The research firm expects the company to benefit from increased incentives. Additionally, Mizuho expects Alibaba to gain market share in the banking sector due to its full-stack artificial intelligence offerings.

In addition to pushing for growth in the banking sector, Alibaba is also expanding its footprint into the robotaxi business. On November 5, Chinese EV manufacturer Xpeng announced it will partner with Alibaba’s mapping unit Amap to roll out a new robotaxi service. The two are joining forces to launch three self-driving robotaxi models ahead of trial operations next year. The integration of driverless cars into Amap’s platform will also pave the way for the development of a global robotaxi service network.

Alibaba Group Holding Limited (NYSE:BABA) is a technology company that operates primarily in e-commerce, cloud computing, and online payment services.

Page 7 of 12