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
The stock is an absolute favorite of our community with 47 Buy predictions and no Sell predictions.
With a target price of 164 € there is a positive potential of 47.48% for Alibaba Group Holding Ltd ADR compared to the current price of 111.2 €.
