Updated from 11:45 AM EDT.

NEW YORK (TheStreet) -- Shares of Alibaba (BABA) - Get Report were climbing on heavy trading volume late Thursday afternoon as UBS and Stifel upped their respective price targets on the stock.

UBS raised its price target to $124 from $107 and reiterated its "buy" rating on shares of the Chinese e-commerce company.

The firm cited Alibaba's capital allocation to cloud and media, which is starting to bear fruit, the Fly reports. 

UBS also sees a long runway for brand advertising monetization and e-commerce rates increasing with continued digital and mobile adoption.

After the firm's survey of about 3,000 Chinese consumers, the firm believes that Alibaba's bottom line can be increased by higher demand for paid content, the Fly added.

Additionally, Stifel boosted its price target to $125 from $104 and maintained a "buy" rating.

The firm predicts that Alibaba's investments in cloud computing infrastructure, expansion abroad, digital media content and distribution and high demand e-commerce areas will boost its operating leverage over time, the Fly noted.

Stifel also expects the company's EBITDA margins to bottom in fiscal 2018 before increasing in following years.

Earlier today, the stock hit a new 52-week high of $109.76, the Fly noted.

About 28.53 million of the company's shares changed hands so far today vs. its average 30-day volume of 21.42 million shares per day.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and good cash flow from operations.

But the team also finds that the growth in the company's net income has been quite unimpressive.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: BABA

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