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Alibaba to rally 31% on 'stronger growth': Goldman

Jack Ma, Alibaba Group
Adam Jeffery | CNBC

Investors should buy Alibaba shares on the prospect of faster growth and better profits, according to Goldman Sachs, which reiterated its buy rating and added the company to its conviction buy list.

The Chinese internet retailer on Thursday reported solid June quarter earnings.

"We add BABA to the Conviction List following better than expected 1QFY17 results, an even stronger growth/margin outlook and dominance across several businesses," Goldman's Piyush Mubayi wrote in a note to clients Friday.

"Its recently articulated 10-year strategy also reinforces our bullish view on several legs of the long-term story."