NEW YORK (TheStreet) -- Shares of Alibaba Group Holding (BABA) are up 1.76% to $107.94 in pre-market trading after the company's price target, annual revenue estimates, and EPS estimates were raised at Nomura Securities.
The firm upped the price target to $124 from $120 for the China-based online and mobile commerce company.
Nomura set the annual revenue estimates to $76.79 million from $72.41 million for fiscal 2015, to $106.61 million from $99.68 million for fiscal 2016, and to $147.60 million from $138.01 million for fiscal 2017.
The firm also increased annual EPS estimates (normalized) to $15.24 from $14.52 for fiscal 2015, to $18.25 from $17.15 for fiscal 2016, and to $27.10 from $24.92 for fiscal 2017.
Nomura reiterated its "buy" rating for Alibaba and it raised estimates because the company is experiencing faster mobile development.
"We like Alibaba for the superior growth in its underlying industry, China eCommerce; and its higher margin of safety versus other eCommerce merchants, as a layer on top of them," said Nomura analysts Chao Wang and Liz Guan.BABA data by YCharts