While the U.S Government has been giving Alibaba Group Holding Ltd (NYSE:BABA) a hard time for quite a while now, it appears as if the company may finally be taking the rampant counterfeiting of products sold on their platforms much more seriously. In news which broke today, the company has hired a former Apple and Pfizer executive named Matthew Bassiur to take on a new lead role as head of global intellectual property enforcement.
Bassiur, who will report directly to Michael Evans, the president of Alibaba Group Holding Ltd (NYSE:BABA), will be based in New York City and work with some of the world’s leading brands as well as U.S. authorities to make sure that products are not being ripped off from name brands and resold on any of Alibaba’s properties for major discounts. Bassiur worked for Apple for two years on their intellectual property rights team prior to being hired by Pfizer as their deputy chief security officer.
The stock is currently trading higher by 0.33% or $0.27 following the positive news, hitting $82.92 per share at the time of us publishing this article. About 5.07 million shares traded hands. BABA has declined 5.12% since May 18, 2015 and is downtrending. It has underperformed the S&P500 by 2.86%.
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 13.27% above today’s ($82.92) 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 $207.00 billion. The Firm is principally engaged in online and mobile commerce through products, services and technology. It has 22.17 P/E ratio. The Firm provides retail and wholesale marketplaces available through both personal computer and mobile interfaces in the PRC and internationally.