Alibaba (BABA): Raising PT On Mobile Capitalization - Bernstein

Bernstein analyst, Bhavtosh Vajpayee, reiterated his Outperform rating on shares of Alibaba (NYSE: BABA) and raised his PT to $135 "on the back of improved topline and margin estimates, somewhat offset by higher taxes".

The analyst noted that overall GMV growth of 22%YoY in FY2017 was in line with expectations but the split between PC and mobile was a surprise. Mobile GMV grew 49%YoY, PC GMV declined 28%YoY. Going forward, with mobile at 79% of total GMV, the deleterious impact of the PC (web) GMV decline will be less potent. Even if the growth of mobile GMV moderates, the overall GMV for Alibaba can keep expanding around the 20% mark for at least two more years.

The price target of $135 is up from $130.

For an analyst ratings summary and ratings history on click here. For more ratings news on click here.

Shares of closed at $ yesterday.

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