Shares of Alibaba Limited (BABA) continued to soar in trading hitting all-time highs of $118.44/share. Shares were trading up in anticipation of singles day (11/11) in which over 5B worth of transactions were conducted last year.
Alibaba came public in September of 2014 and hovered around the $80 price mark for about 45 days. Towards the end of October they crossed $100 and thanks to a strong earnings report, continued their eipc tear to $120 – which is the first target price most analysts have on this stock.
Our Play on BABA
We’re choosing to sit-tight and ride this one out. There may be some increased volitality due to the 20% increase in two short weeks, but it’s hard not to see this one hitting $150 in the next 6 months – even the guys over at CNBC just posted an article an hour ago with the $150 target on BABA.