Mubayi raised his 12-month price target to $247 from $241, representing 54 percent upside to Tuesday’s close.
The analyst said Alibaba’s cloud business market share in China rose to 46 percent in 2017 from 30 percent in 2015. He said the company’s financial segment called Ant Financial now has 640 million customers using at least two of its services.
“In our view, the continuous investment in cloud technology demonstrates Alibaba’s determination to solidify its leading position in the industry and take up more market share in the future,” he said. “We believe Ant Financial will continue to be the ‘enabler’ of Alibaba’s New Retail strategy and help the company navigate the globalization road map.”
— CNBC’s
Michael Bloom
contributed to this story.
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