Alibaba Upgraded To Overweight On E-Commerce Share Gains At Atlantic Equities
Atlantic Equities analyst James Cordwell upgraded Alibaba to Overweight from Neutral, saying the company's Q1 report "clearly demonstrated" how Alibaba can leverage its scale to gain e-commerce share.
The recent strong execution likely also builds confidence in the company's ability to execute on other long-term opportunities, such as international expansion, omnichannel retail, and the cloud, Cordwell tells investors.
He raised his price target on Alibaba to $215 from $130, saying he sees the stock's valuation as reasonable despite its strong performance year-to-date.