BABA Stock Price: Alibaba extends rally on a new analyst price target

NYSE:BABA gained 4.51% during Thursday’s trading session.
Benchmark Capital provided an updated price target for AliBaba.
Chinese tech companies get fined on another round of government regulatory checks.

Stocks Reporter FXStreet

NYSE:BABA saw green for the second straight session: something that shareholders saw very little of during the nightmare year that was 2021. On Thursday, shares of BABA gained a further 4.51% and closed the trading day at $126.63. Perhaps there is some light at the end of the tunnel for BABA investors who saw the stock lose 50% of its value over the past year. Encouraging signs of a turnaround included Charlie Munger’s company the Daily Journal (NASDAQ:DJCO) doubling its stake in the beleaguered company earlier this week. Has AliBaba finally reached a bottom? Investors will no doubt remain cautious after several fake bounces near the end of last year.

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Another sign of a rebound from AliBaba? Wall Street analysts are getting increasingly bullish on the stock. Benchmark Capital weighed in on Thursday and while the sentiment might seem bearish, the company still believes AliBaba can nearly double in price during 2022. Analysts at Benchmark reiterated the Buy rating for AliBaba’s stock and provided a fresh price target of $235 per share.A The only downside with this is that it was actually a reduction in the price target from the original price of $245. Either way, it still seems like the firm is bullish that AliBaba is about to turn things around.

BABA forecast

It was also announced that there was another round of regulatory fines handed out by the Chinese government to tech companies earlier this week. The State Administration for Market Regulation or SAMR imposed some fines on AliBaba, Tencent, and Bilibili for not reporting some of their deals and transactions. The fine was minimal for AliBaba and amounted to approximately $78,500 USD.

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Stocks Reporter

FXStreet

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