Why Alibaba Stock Popped on Monday
Shares of Chinese e-commerce giant Alibaba Group (NYSE: BABA) jumped in Monday trading to close the day up 3.9%. This was kind of a strange reaction to news that, this morning, analysts at Loop Capital lowered their price target on the stock from $115 to $111 per share.
But here's a bit of information that might help to explain the stock's price move for you: Loop still thinks Alibaba stock is a buy.
Loop made its Alibaba comments in the context of what The Fly called "a broader research note on China Internet." Overall, the bank noted that China is suffering from "weak" consumer confidence and "soft" hiring that are making growth "challenging" -- even for internet stocks that are supposed to be in perpetual growth mode.
Source Fool.com
Alibaba Group Holding Ltd ADR Stock
€141.20
1.880%
The stock is one of the favorites of our community with 45 Buy predictions and 1 Sell predictions.
With a target price of 160 € there is a slightly positive potential of 13.31% for Alibaba Group Holding Ltd ADR compared to the current price of 141.2 €.
