Alibaba Group Holding (NYSE: BABA) shares are trading higher on Thursday after Needham initiated coverage on the company’s stock with a Buy rating and announced a $275 price target.
Alibaba is the world’s largest online and mobile commerce company, measured by GMV (CNY 5.7 trillion/$846 billion for the fiscal year ended March 2019). It operates China’s most-visited online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
Alibaba’s China marketplaces accounted for 68% of revenue in fiscal 2019, with Taobao generating revenue through advertising and other merchant data services and Tmall deriving revenue from commission fees.
Alibaba’s stock was trading up 0.38% at $258.63 on Thursday during the time of publication. The stock has a 52-week high of $268 and a 52-week low of $151.85.