Shares of Alibaba Group Holding Limited (BABA) were in focus on Monday after analysts at MKM Partners released a bullish note that raised the company's price target to $177 from $155 per share.
The new price target represents a potential 27% upside from the stock's previous closing price.
The firm is bullish on the company following analyst meeting at its Hangzhou headquarters that suggested strong business trends which could result in strong guidance for fiscal 2018.
Year to date, China-based Alibaba's stock has gained 60% and has risen more than 80% over the past 12 months.
What's Hot on TheStreet
Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP) , Infineon Technologies AG (IFNNY) and ASML NV (ASML) fell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple AAPL on Sunday on fears the stock may be too richly valued.
Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT) grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.
GE's CEO is stepping aside: Industrial conglomerate General Electric (GE) said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.
TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.
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