UOBKH ups Alibaba's TP to US$355 on solid 3Q21 results

UOB Kay Hian analyst Julia Pan has maintained “buy” on Alibaba with a higher target price of US$355 ($473.50) as the group’s 3QFY2021 results came in above estimates from the brokerage and street.

Alibaba reported 37% y-o-y higher revenue for the quarter of RMB221.08 billion ($45.68 billion) due to higher revenue contribution across all segments with the exception of digital media.