NEW YORK (TheStreet) -- In China, Singles Day has already begun. The recently made-up holiday is celebrated by individuals buying themselves a gift on Nov. 11. Alibaba (BABA) is considered one of the main beneficiaries of the holiday and expects to bring in $8 billion in sales on this day alone.
The stock has gone on a massive run, Pete Najarian, co-founder of optionmonster.com and trademonster.com, said on Monday's episode of CNBC's "Fast Money" TV show. However, the company's growth is so strong that it can propel the stock to $150.
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If investors don't want to own Alibaba outright, they can buy the KraneShares CSI China Internet ETF (KWEB) . Josh Brown, CEO and co-founder of Ritholtz Wealth Management, who is long the ETF, says 10% of the fund's holdings are in Alibaba.
Institutional investors who waited to see the company's first earnings report are likely to pile into the stock, which will give it momentum into 2015 and beyond, according to Joseph Terranova, chief market strategist for Virtus Investment Partners.
If Alibaba does record $8 billion in revenue from Singles Day, it will represent 45% year-over-year growth from last year, Stephanie Link, chief investment officer of TheStreet and co-manager of the Action Alerts PLUS portfolio, pointed out. The stock isn't overly expensive at 34 times 2016 earnings estimates.
In regards to the overall market, Link still likes industrial and consumer cyclical stocks due to an improving economy. John Stoltzfus, chief investment strategist at Oppenheimer and Company, agreed, adding that he raised his 2014 S&P 500 (SPY) price target to 2,080.
Stoltzfus said lower gasoline prices would be beneficial to both businesses and consumers, which should help throughout the fourth quarter. Third-quarter earnings have also been better than expected. And while energy stocks have taken a beating in the past few months, the sector is essentially flat on the year.
Shares of Target (TGT) have stagnated for much of 2014, up just 3%. However, according to Stifel Nicolaus's David Schick, the stock has upside in the near term. For that reason, he upgraded Target to a "buy" and assigned a $76 price target.