Why Alibaba Rallied Today
Shares of (NYSE: BABA) are rallying again today, up as much as 5.5% before settling into a 4.4% gain as of 12:34 p.m. ET.
Alibaba held a big cloud event last week, giving a bullish outlook and raising its cloud spending forecast above its prior target of $53 billion over three years. Apparently, the outlook was encouraging enough for several Wall Street analysts to significantly raise their price targets on shares to start the week.
On Monday, analysts at Wall Street banks Morgan Stanley and Jefferies raised their price targets on Alibaba. Morgan Stanley's Alibaba analyst team raised its target from $165 to $200, largely on the back of increased cloud computing growth. The analysts now actually see cloud growth accelerating 32% in fiscal 2026 and 40% in 2027. For reference, last quarter Alibaba grew its cloud revenue 26%, which was already an accelerating figure.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
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