Market News

Alibaba (NYSE: BABA) Plans to Invest $1 Billion to Improve Cloud Business

Shares of Alibaba (NYSE: BABA) ticked lower in pre-market trading on Friday after the Chinese e-commerce giant’s cloud business, Alibaba Cloud unveiled a strategic roadmap.

The company stated that its cloud business intends to invest $1 billion to boost its global partner ecosystem and improve its customer service which would provide “comprehensive support throughout a customer’s digitalization journey.”.

What is the Target Price for BABA Stock?

Wall Street analysts are bullish about BABA with a Strong Buy consensus rating based on 17 Buys and one Sell. The average price target for BABA stands at $156.12, a 99.4% upside from current prices.

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