Posted 12/21/2023, 11:00:00 PM
Alibaba Stock Up 4% as Analyst Reiterates Buy Rating Amid Company Restructuring
- JPMorgan Chase analyst reiterated Alibaba "buy" rating and $15.37 price target, helping push stock up 4%
- Reiteration comes amid Alibaba splitting into core business units, though scrapped cloud unit spinoff
- Alibaba announced CEO to lead Taobao and Tmall unit, its largest revenue source post-split
- Alibaba creating new asset management unit to oversee non-core assets
- Last month Alibaba declared its first ever annual dividend, hoping to keep shareholders engaged