Alibaba price target raised to $135 from $130 at Truist

Truist raised the firm’s price target on Alibaba to $135 from $130 and keeps a Buy rating on the shares. The company’s Q1 results show stronger performance across the board amid a tough macro environment, with investments made in user acquisition bearing fruit for China Commerce, the analyst tells investors in a research note. Alibaba’s robust International growth also reflects the company’s scale and synergy across units and positions it well in this large total addressable market, the firm added.