ALIBABA LATEST TARGET PRICE RAISE TO $160 BY CITIGROUP
$Alibaba(BABA)$ Bullish
Despite the recent rally, the stock is trading 8.2x forward P/E ex. net cash and investment, a bargain valuation, in Jiang's view, especially considering the recovery ahead.
Jiang raised F3Q23 topline estimates to RMB 244.9B from RMB 244.6B. The analyst raised our F3Q23 adjusted EBITDA to RMB 52.5B from RMB 51.5B, reflecting better-than-expected cost control, especially on Taobao Deal and Taocaicai.
Citigroup analyst Alicia Yap maintained Alibaba with a Buy and raised the price target from $144 to $160.
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After the regulatory reset in late 2020, we see early signs of an easing regulatory environment with the government's support for the private sector. For the past 1-2 years, Alibaba has been in focus, so we think it could outperform other Chinese Internet stocks as the environment eases.
Goldman Sachs (GS) followed suit by adding Alibaba stock to its conviction list for 2023 after more than two years of downward earnings revisions. Forsyth Barr Asia and Jefferies also hiked their price targets for Alibaba over the last weekend. We all know that Wall Street analysts do not hold a crystal ball but this notable change in their sentiment toward Alibaba could help build some much-needed momentum for Alibaba stock in the short run.
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