BABA Stock Price: Alibaba win streak hits four as investor sentiment turns bullish

NYSE:BABA gained 2.51% during Friday’s trading session.
For the second straight day a Wall Street analyst provides a new price target for AliBaba.
China heads back into lockdown, which is bullish for AliBaba.

Stocks Reporter FXStreet

NYSE:BABA has come roaring back at the start of 2022 after the most forgettable year in the company’s history on the public markets. On Friday, shares of BABA gained a further 2.51% and closed the final trading session of the week at $129.81. Altogether AliBaba gained about 8.74% during the first week of trading in 2022, and investors are following suit as institutional investors like Charlie Munger load back up on the beaten down stock. While the Chinese government continues its regulatory crackdowns on Chinese tech companies, so far this year investors have shrugged off these concerns and have bought back in at these depressed levels.

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After Benchmark Capital provided a slightly lower price target for AliBaba yesterday, JPMorgan did the same on Friday. The investment bank reduced its price target by 14% on Friday, but that still means it sees a near 40% upside for the rest of 2022. JPMorgan provided a new price target of $180 for AliBaba, which echoed Benchmark’s message that shares of the eCommerce giant are just too low right now. JPMorgan did warn that continued pressure could cause more pain for AliBaba in the short-term, but no matter how you slice it, the stock’s price is trading well below a reasonable level.

BABA stock forecast

With some pockets of China reporting rising levels of the coronavirus once again, the government has instilled a zero-tolerance policy on lockdowns. China was one of the first countries to reduce the levels of coronavirus last year, but with the new Omicron variant spreading around the world, it seems as though it is locking down once again. Wall Street analysts see this as an opportunity for AliBaba’s eCommerce business to thrive once again.

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Stocks Reporter

FXStreet

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