October 29, 2014—Alibaba was first listed on the New York Stock Exchange just a month ago, but already the China-based e-commerce service has grasped one of the top spots in financial markets. For a moment, shares of Alibaba stock were valued at $100.50 with a total worth of $247 billion. Even the world’s largest retailer, Walmart’s revenues were behind.
From the article at Financial Times:
Over the past two weeks, several Wall Street analysts have unveiled their targets and ratings for Alibaba. The company has received a warm reception, with more than three-quarters of brokerages recommending the stock as a ‘buy’.
Jefferies, which initiated coverage on Monday, said it expects Alibaba to remain the dominant online retailer in China over the next decade.
“China’s changing internet user demographics and mobile development support our favourable view on ecommerce for the next decade,” Cynthia Meng, an analyst with Jefferies, said. “We estimate well over half of the Chinese population will be shopping on Alibaba’s platforms in 10 years.”
Is China eclipsing the United States in wealth production or is this just a one-day headline? Share your thoughts in the comments.