These Analysts Boost Their Forecasts On Alibaba After Strong Q1 Results

Alibaba Group Holding Limited BABA reported better-than-expected first-quarter financial results.

Alibaba reported first-quarter FY23 revenue growth of 14% year-on-year to $32.29 billion, beating the consensus of $31.20 billion. Non-GAAP earnings per ADS of $2.40 beat the consensus of $2.02.

Alibaba shares jumped 4.6% to close at $99.21 on Thursday.

These analysts made changes to their price targets on Alibaba following earnings announcement.

• Bernstein boosted the price target on Alibaba from $98 to $100. Bernstein analyst Robin Zhu maintained a Market Perform rating.
• Baird increased the price target on Alibaba from $115 to $120. Baird analyst Colin Sebastian maintained an Outperform rating.
• B of A Securities raised Alibaba price target from $137 to $142. B of A Securities analyst Eddie Leung maintained a Buy rating.

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