NEW YORK (TheStreet) -- Shares of Alibaba Group Holding Ltd  (BABA) were gaining, up 2.41% to $88.07 in mid-morning trading Friday, after analysts at Goldman Sachs upgraded the Chinese ecommerce giant to "buy" from "neutral" this morning.

Goldman set a $98 price target, and noted Alibaba's encouraging growth outlook and cost management following yesterday's fourth quarter earnings results.

Analysts at Nomura also issued a positive note on the online retailer this morning.

The firm increased its price target to $137 from $119, and sees significant revenue upside in the next three to five years.

Alibaba reported its fourth quarter earnings results on Thursday.

The company earned 48 cents per share on revenue of $2.81 billion for the period.

Both figures topped analysts' expectations for earnings of 43 cent per share on revenue of $2.72 billion, according to data compiled by Thomson Reuters.

Separately, the company announced COO Daniel Zhang will take over the role of CEO starting Sunday. Zhang will replace current CEO Jonathan Lu who will transition to the vice chairman position.

Alibaba is a China-based online and mobile commerce company in retail and wholesale trade, as well as cloud computing and other services.

BABA ChartBABA data by YCharts

More from Markets

Dow Trades Lower as Apple's Slump Offsets Gains in General Electric

Dow Trades Lower as Apple's Slump Offsets Gains in General Electric

Could Spotify Be Next on Amazon's Wish List?

Could Spotify Be Next on Amazon's Wish List?

Sprint, T-Mobile Might Have to Do More Than Make Promises to Get Deal Approved

Sprint, T-Mobile Might Have to Do More Than Make Promises to Get Deal Approved

Skechers Slumps the Most in Two Years After Soft Guidance Overshadows Solid Q1

Skechers Slumps the Most in Two Years After Soft Guidance Overshadows Solid Q1

Video: This Is One Way Millennials Are Destroying Their Financial Future

Video: This Is One Way Millennials Are Destroying Their Financial Future