- The shares of Alibaba (NYSE: BABA) have received a $276 price target from Jefferies. These are the details.
The shares of Alibaba (NYSE: BABA) have received a $276 price target from Jefferies. And Jefferies analyst Thomas Chong is maintaining a “Buy” rating on the shares.
Chong adjusted the price target after noting that the long-term strategy is intact.
“Despite uncertainties from macro headwinds and Covid outbreak, we consider the company’s multi-engine growth strategy, with 3 pillars of domestic consumption, globalization, and cloud, intact. In (the March) quarter, we expect it to demonstrate solid execution with an ROI-focused approach to spending. Gradual reduction in losses by Taobao Deals and Taocaicai is anticipated. Recent upsizing of share repurchase program in Mar reflects confidence in long-term outlook,” wrote Chong in a research note.
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