Alibaba Group Holding (NYSE:BABA) posted better-than-expected revenue for the first quarter on Friday.
The company posted quarterly revenue of $34.57 billion, up 2% year-over-year, surpassing the consensus estimate of $34.26 billion. On a like-for-like basis, excluding revenue from the divested Sun Art and Intime businesses, Alibaba’s revenue would have grown 10% year-over-year.
Despite the top-line beat, adjusted earnings per American Depositary Share (ADS) came in at $2.06, falling short of the analyst consensus of $2.13.
Alibaba CEO Eddie Wu said the company drove strong growth by focusing on consumption and AI + Cloud, hitting milestones in quick commerce and boosting engagement across its platforms.
Alibaba shares rose 1.5% to trade at $137.01 on Tuesday.
These analysts made changes to their price targets on Alibaba following earnings announcement.
- B of A Securities analyst Joyce Ju maintained Alibaba with a Buy and raised the price target from $135 to $152.
- Mizuho analyst Jason Helfstein maintained the stock with an Outperform rating and raised the price target from $149 to $159.
- Benchmark analyst Fawne Jiang maintained Alibaba with a Buy and raised the price target from $176 to $195.
Considering buying BABA stock? Here’s what analysts think:
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