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MACQUARIE INITIATES COVERAGE OF ALIBABA WITH AN OUTPERFORM RATING, STOCKS RISE - Capital Street FX
MACQUARIE INITIATES COVERAGE OF ALIBABA WITH AN OUTPERFORM RATING, STOCKS RISE
In the Premarket trading session on Friday, Alibaba’s stock was trading at 185.72- higher by 0.47% as compared to its previous close.
Investment bank Macquarie started coverage of the Chinese e-commerce giant’s stock with an outperform rating and a $231 a share price target. The investment bank’s price target represents a 25% upside from its previous closing price of $184.86.
Macquarie said it is bullish on the e-commerce giant as the company continues to build up its users and services across its ecosystem. The Chinese company has raised about $11 billion in a stock offering in Hong Kong. The e-commerce giant on Wednesday set the price for the secondary share offering at $22.50 a share.
On the technical front, the current price is above the MA5 and the MA20. The current price is above the middle line of the Bollinger Bands and is heading upwards. The stock is expected to trade higher today.
TRADE SUGGESTION- LIMIT BUY AT 185.60 TAKE PROFIT AT 187.30 STOP LOSS AT 184.70
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