Alibaba Upped at Brean Capital

In a note out this morning, Brean Capital LLC upped their price target on Alibaba Group Holding, Ltd BABA from $110 to $115 and maintained their Buy rating. They view Alibaba as a core holding in the Chinese Internet space. Other takeaways from Brean Capital: -Solid FY2Q15 results. BABA reported FY2Q15 revenue of RMB 16.8bn, up 54% YoY, beating consensus estimates of RMB 16.0bn. -Strong growth in China retail marketplaces. In FY2Q, BABA's China commerce retail business delivered strong revenue growth of 48% YoY mainly driven by growth in both online marketing and commission revenues (the latter of which accounted for 33.5% of China retail revenue) on the back of a strong GMV growth and a stable monetization rate. -Robust growth in mobile. Mobile contributed to 29.1% of BABA's China commerce retail business in FY2Q15 vs. 19.4% in FY1Q15 and 3.8% in FY2Q14, while mobile GMV contributed to 35.8% of BABA's total GMV in FY2Q15 vs. 32.8% in FY1Q15 and 14.7% in FY2Q14. Shares of BABA are trading higher by 1.8 percent in the pre-market at 107.90, or only 6.5 percent below the newly revised PT of $115.