A new analyst note on (NYSE: BABA) pushed the company's stock higher on Thursday. While the document didn't indicate a change in view from its author, it did help support the bull case for the stock. Ultimately, Alibaba shares ended the day almost 4% higher, well above the 1% increase of the S 500 index that day.

Before market open, JPMorgan Chase (NYSE: JPM) analyst Alex Yao reiterated his overweight (buy, in other words) tag on Alibaba's Hong Kong-listed stock. He also maintained his 120 Hong Kong dollar ($15.37) per-share price target. That's well above the shares' most recent closing price of HK$73.35 ($9.40).

The reasoning behind Yao's move wasn't immediately clear. It came on the heels of several major developments for the storied Chinese e-commerce company, which is in the midst of splitting into a set of core business units, although it subsequently scrapped plans to hive off its cloud-computing division.

Continue reading

Source Fool.com