Can Alibaba Group Holding Ltd (BABA) Shares Close Above Key $85 Barrier?

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Alibaba Group Holding Ltd (NYSE:BABA) shares are trading up considerably this afternoon, spurred on primarily by the Federal Reserve rate hike announcement at 2 p.m. ET. This has many investors sitting here wondering if the stock can finally break out over the key $85 level with a close north of that price point. While the stock is hovering right around this resistance, a close north of $85 could equate to a bright technical picture for the stock.

The stock is up 3.00% or $2.47 following the news, hitting $84.96 per share. About 13.89M shares traded hands. BABA has declined 5.76% since May 13, 2015 and is downtrending. It has underperformed the S&P500 by 2.08%.

From a total of 23 analysts covering Alibaba (NYSE:BABA) stock, 21 rate it a “Buy”, 0 a “Sell”, and 2 a “Hold”. This means that 91% of the ratings are positive. The highest target price is $137 while the lowest target price is $80. The mean of all analyst targets is $93.92 which is 10.55% above today’s ($84.96) stock price. Alibaba was the topic of 50 analyst reports since August 12, 2015 according to the firm StockzIntelligence Inc. M Partners maintained shares on October 30 with a “Buy” rating. Axiom Capital maintained shares with a”Buy” rating and a $92 target share price in their report from an October 28. Oppenheimer maintained BABA stock in a recent report from October 28 with a “Outperform” rating. Brean Capital maintained the rating on October 28. Brean Capital has a “Buy” rating and a $98 price target on shares. Finally, Wedbush maintained the stock with a “Neutral” rating in a report they issued on an October 28.

Alibaba Group Holding Limited is a holding company. The company has a market cap of $210.38 billion. The Firm is principally engaged in online and mobile commerce through products, services and technology. It has 22.64 P/E ratio. The Firm provides retail and wholesale marketplaces available through both personal computer and mobile interfaces in the PRC and internationally.

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