Alibaba Group Holding Ltd (NYSE:BABA) has been shooting to the stars, after it got its buy rating from Jeffries. Fox Business’, Nicole Petallides reported on the developments for Alibaba’s stock price.
“[…] It did have a buy over at Jeffries. They put a $118 price target. The highest that Alibaba Group Holding Ltd (NYSE:BABA) has ever been is $99.70. The stock today got up to $98.85, so near its all time highs, pretty impressive for all those folks, who were nay sayers […],” reported Petallides.
Alibaba Group Holding Ltd (NYSE:BABA) was up about 2% yesterday when it rose from $95.47 to about $97.79, when the closing bell rang. The stock seems to be in mood of another climb today, as it trades at $99.39, up about 1.64%, as of now.
Many analysts were sceptical of the Chinese e-commerce business before its IPO. Many still have the same outlook, however, they might have started to feel a little bit of doubt creep into their beliefs now.
Alibaba Group Holding Ltd (NYSE:BABA) is yet to come up with its first Quarterly Earnings Release after its listing on NYSE. The Report is due to come out on 4th November, and it definitely has the potential to result in the conversion of many pessimists, or even vice versa as far as Alibaba Group Holding Ltd (NYSE:BABA)’s business model is concerned.
China is the primary market for the e-commerce business, and it is still growing. However, some people fear that Alibaba Group Holding Ltd (NYSE:BABA) may lose ground to other businesses operating in the same sector, going into the future. Alibaba, on the other hand, is trying very hard not to let that happen. It has made some acquisitions in the Silicon Valley recently in an attempt to provide its business with an edge that will always put it at the forefront of at least the Chinese e-commerce scene, if not the entire world’s.
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