Alibaba, Baidu, Each Receive New, Positive Coverage

Alibaba, Baidu, Each Receive New, Positive Coverage

Wells Fargo Securities restarted coverage on Alibaba ( BABA ), the China e-commerce company it sees as accelerating retail growth, advertising, video and other efforts to “seemingly unseen proportions,” said the Wells Fargo report to clients Wednesday.

[ibd-display-video id=2322964 width=50 float=left autostart=true]Wells Fargo also restarted coverage on China e-commerce company ( JD ) and China search-engine leader Baidu ( BIDU ).

Alibaba, and Baidu are three of the four largest internet companies in China, the other being Tencent Holdings ( TCEHY ).

Wells Fargo analyst Ken Sina initiated coverage on Alibaba with an overweight rating and price target of $225. Alibaba stock climbed 2.4% to close at 170.99 on the stock market today .

“Our recommendation of Alibaba is based on evidence of its clear data scale, leadership in China cloud, and the opportunity we see for the company to apply advances to both its core businesses and, through AliCloud, to new industries,” Sena wrote in a research note to clients.

IBD’S TAKE : Read IBD’s The Big Picture column each day to stay on top of the market direction, a key indicator that lets you know when you can be aggressive and when you should move to the sidelines. also received an overweight rating and price target of 50. stock fell 1.5% to finish the regular trading day at 39.71.

“While JD does trail Alibaba in total scale and cloud presence, our view is that there is room enough for a second player,” Sena wrote.

He gave Baidu an overweight rating and price target of 290.

Baidu shares ended the session up 1.4% to close at 239.82.


Alibaba Plans $15.2 Billion Investment In Logistics, Delivery

Alibaba Expands Into Groceries To Corral The Digital Consumer

Best Chinese Stocks To Buy And Watch

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Related posts