Goldman Predicts Alibaba Will Jump 31% in Hong Kong in Next Year [Yahoo! Finance News]
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Source: Yahoo! Finance News
Goldman Predicts Alibaba Will Jump 31% in Hong Kong in Next Year ) -- Goldman Sachs Group Inc. was among the many Wall Street banks that missed out on underwriting Alibaba Group Holding Ltd.’s Hong Kong share sale. Now, its analysts are showering China’s largest company with compliments. Goldman stock analysts just initiated coverage of the shares with a buy rating, predicting they can rally another 31% in the city over the next year. Reasons include its “experienced senior” management team and reach in China’s digital economy. Alibaba can capture nearly a third of China’s retail payments this year, analysts led by Piyush Mubayi wrote in the report. It also has the potential to surpass core growth, Goldman added. Shares of the Chinese technology firm rose 2.8% to HK$197.80 on Friday morning, extending the advance since their Nov. 26 debut to 12%. The company raised about HK$88 billion $11.2 billion) in its share sale, the biggest equity offering in the financial hub since 2010. Alibab
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