Alibaba price target raised to $200 from $167 at Bernstein

Bernstein raised the firm’s price target on Alibaba (BABA) to $200 from $167 and keeps an Outperform rating on the shares. The firm notes Alibaba’s shares have rallied strongly recently, helped by confident guidance over Q1 reporting and the Apsara conference, and greater investor acceptance of the company’s AI capabilities. That said, Bernstein believes near-term valuation has probably entered “art more than science” territory, and the recent crescendo of global investor inbounds it has received contributed to the sense that a pause was due. Beyond the very near-term, the firm thinks a good case can be made for Alicloud revenue to continue to accelerate, which means Alibaba’s shares would remain well-supported.