BofA analyst Joyce Ju made no change to the firm’s Buy rating and $132 price target on Alibaba. The firm views the management changes, including naming Joseph Tsai as chairman and Eddie Wu as CEO, as part of Alibaba’s group reorganization plan announced in March, and one step further towards Cloud Intelligence Group’s potential spinoff, the analyst tells investors in a research note. BofA calls Wu a “solid” successor to Daniel Zhang, given his strong technology background as CTO, extensive management experiences in multiple entities of the group, proven track records in Alimama and Taobao App development, and deep trust with key management.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on BABA:
- 3 Best Stocks to Buy Now, 6/21/2023, According to Top Analysts
- Chinese Stocks Down Following BABA Shakeup, Macro Worries
- Alibaba’s Jack Ma suggested management restructuring, Insider reports
- Alibaba says Joseph Tsai to succeed Daniel Zhang as chairman
- Alibaba says Eddie Yongming Wu to succeed Daniel Zhang as CEO