Alibaba price target raised to $160 from $145 at Bernstein

Bernstein analyst Robin Zhu raised the firm’s price target on Alibaba (BABA) to $160 from $145 and keeps an Outperform rating on the shares after the company’s Q1 earnings report and “an analyst call for the history books” during which management pointed to 300M monthly quick commerce customers, a tripling to over 2M of daily active riders, 80M daily orders, and 20% growth in Taobao daily active users. Alibaba’s expectations that food delivery unit losses can halve by October means Q2 will be the peak investment quarter, the analyst added.