Alibaba Group Holding Ltd (NYSE: BABA) is higher by more than 4 percent this week, despite a much-anticipated lockup expiration. In part, this is because many Wall Street firms have reiterated a belief that the Chinese retail giant will be a long-term outperformer.

JP Morgan Analyst Alex Yao is the latest to do so, reiterating the firm's Overweight rating and a $109 price target. Yao highlighted potential in the company's "long-term structural growth opportunities and competitive advantages."

In addition to the lockup, Yao said that this year's decline resulted from lower revenues, monetization changes and concerns over counterfeit goods.

Alibaba is trading lower on the session, recently at $85.55. The $109 price target represents the potential for a 27 percent increase.