Time To Get Greedy On Alibaba (BABA) Shares

Daniel Laboe

Fri, Nov 13, 2020, 1:08 PM2 min read

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BABA shares have been battered down since the beginning of November due to regulatory concerns. Chinese officials are flexing their muscles to show domestic tech giants who really has control.

They forced the Ant Group IPO suspension last week, which was expected to be the largest IPO in history. Regulators released draft-rules on Wednesday concerning anti-competitive behavior, seemingly targeting tech giants like Alibaba BABA , JD.com JD , and Tencent.

BABA shares are down 17% since open last Monday. This is in the wake of its largest online shopping day of the year for Alibaba: ‘Singles Day’ (11/11). Singles Day discounts lasted 11-days and generated over $74 billion in gross merchandise value (GMV), almost doubling last year’s results.

I believe that the market’s whiplash sell-off of BABA was overdone, creating an excellent buying opportunity. I like BABA at any price below $300, and below $260 where it sits at today is a steal. 16 out of 16 analysts are rating this stock a buy.

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