Alibaba Group Holding received a price-target increase from RBC Capital Markets after the online-commerce company on Thursday reported fiscal Q1 results above analysts’ expectations. The new price target from RBC is $185 per share, up from $160 and above the stock’s Thursday closing price of $163.92. The shares, which rose 2.8% Thursday on the better-than-expected Q1 results, edged up another 0.9% to $165.40 in recent Friday pre-market trading. RBC kept its investment rating on the stock at outperform.
For the quarter ended June 30, Alibaba reported adjusted earnings per share of RMB7.95 ($1.17), up from RMB4.83 a year earlier but above analysts’ mean estimate according to Capital IQ of $0.93. Revenue climbed 56% to RMB50.18 billion ($7.40 billion), topping analysts’ mean estimate of $7.16 billion.