Analysts Still Positive on Alibaba, Despite SEC Investigation

Shares of Alibaba are trading higher after Wednesday's drop in heavy volume on news that the SEC is investigating its accounting practices.
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Shares of Alibaba (BABA) - Get Report are recovering after Wednesday's drop in heavy volume on news that the SEC is investigating its accounting practices. The Chinese e-commerce firm said its cooperating with the probe. But Wall Street analysts don't seem too concerned. On Thursday, Evercore analysts repeated their buy rating and $98.00 price target on the stock. Analysts at Morgan Stanley and Deutsche bank also said they remain positive on Alibaba, despite the inquiry. One aspect of the SEC's probe involves numbers Alibaba reported for Singles Day, which is its biggest shopping day of the year .