Can Alibaba Stock Keep Hitting New Highs?
Big gains keep coming for Alibaba (NYSE: BABA) shareholders. China's leading online marketplace operator is scorching hot, hitting new all-time highs on Wednesday. Alibaba stock keeps building on this year's massive gains, moving higher this month following strong fiscal second-quarter results and a blowout performance during the annual Singles' Day shopping holiday.
Alibaba has soared 116% so far in 2017, more than doubling its market cap to a whopping $486 billion. You don't normally see companies with market caps this massive making moves this big in a single year, but Alibaba isn't even the most valuable Chinese company to have more than doubled this year. It's clearly been a great year for investors in most of China's dot-com darlings.
Image source: Alibaba.
Source: Fool.com
Alibaba Group Holding Ltd ADR Stock
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As a result the target price of 112 € shows a very positive potential of 50.74% compared to the current price of 74.3 € for Alibaba Group Holding Ltd ADR.
