Shares of Alibaba (NYSE: BABA) ticked lower in pre-market trading on Friday after the Chinese e-commerce giant’s cloud business, Alibaba Cloud unveiled a strategic roadmap.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
The company stated that its cloud business intends to invest $1 billion to boost its global partner ecosystem and improve its customer service which would provide “comprehensive support throughout a customer’s digitalization journey.”.
What is the Target Price for BABA Stock?
Wall Street analysts are bullish about BABA with a Strong Buy consensus rating based on 17 Buys and one Sell. The average price target for BABA stands at $156.12, a 99.4% upside from current prices.
