BABA Stock Price: Alibaba hits $128, one-week highs

NYSE: BABA extends gains on Tuesday amid Wall Street's upbeat performance.
Mizuho Securities analyst reiterates buy rating with a new price target.
AliBaba rivals JD.Com and Baidu also get re-rated by Mizuho.

Stocks Reporter FXStreet

Update, February 2: NYSE: BABA added another 1.13% on Tuesday, clinching fresh one-week highs at $128. Alibaba share price extended its recovery rally into the third straight day, although receded slightly to finish the day at $127.21. The Fed rate hike concerns-led negative tone on Wall Street faded, as risk appetite returned ahead of the key US NFP report this Friday. Investors ignored Mizuho’s price target downgrade on the Chinese e-commerce company, citing expectations of a "challenging quarter."

NYSE:BABA kicked off the Lunar New Year holidays in China with a glowing effort on the US markets. Shares of AliBaba soared by 9.16% and closed the trading session at $125.79. Perhaps somewhat surprisingly, AliBaba has managed to weather the recent tech weakness in 2022, as the stock is now up about 4.5% so far this year. It might be a case of ‘it couldn’t get any worse’ from AliBaba following its dismal performance in 2021. The stock is still down by over 52% during the past 52-weeks, which shows how severe AliBaba’s decline was over the last calendar year.

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On Monday, Mizhuo Securities analyst James Lee weighed in on the Chinese tech industry, and provided an upgraded outlook on AliBaba’s stock. Lee is anticipating at least one more challenging quarter for the company, but did reiterate his buy rating for the stock. Lee is also one of a few analysts who have lowered their price target on AliBaba for this year. Of course, the lowered target still represents a $60 upgrade from Monday’s closing price as Lee lowered it from $215 to $180.

BABA forecast

Lee also reviewed his coverage of AliBaba rivals Baidu (NASDAQ:BIDU) and JD.Com (NASDAQ:JD). For Baidu, Lee anticipates the company to meet expectations in the coming quarter, but the company could potentially see challenges as the COVID-19 pandemic continues to weigh on the stock. Lee was a bit more bullish on JD.Com, stating that he expects the company to beat expectations this quarter, and provided an upgraded price target of $100, which represents an upside of more than 40% for 2022.

Previous update

Update: NYSE:BABA ends Tuesday at $126.45 up a modest 0.52 %. Wall Street struggled to maintain its positive momentum, with US major indexes spending the day at around their opening levels, seesawing between gains and losses, to pick up in the final trading hour. US Federal Reserve officials have been on the wires, paving the way to lessen the impact of an upcoming rate hike. The market keeps rising bets on rate hikes, with four hikes on the table for this 2022. Heading into the close, the NYSE managed to add 130 points.

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Stocks Reporter

FXStreet

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