MKM Partners raised the price target for shares of Alibaba Group Holding Limited (BABA) to $177 from $155 per share.
The new price target represents a potential 27% upside from the Alibaba previous closing price.
Furthermore, Pacific Crest analyst Hans Chung raised his price target on Alibaba to 160.
The price-target increase follows a two-day investor conference that ended Friday. Among the highlights, the company said that it expects 45%-49% revenue growth in the current fiscal 2018. This is far above analyst estimates of 37%.
The firm is bullish following analyst meeting at its Hangzhou headquarters. China’s largest online retailer suggested strong business trends which could result in strong guidance for fiscal 2018.
Year to date, the stock has gained 60%. And it has risen more than 80% over the past 12 months.