Nomura reiterated Buy rating for Alibaba, with target price of $136

>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<

Nomura expected Alibaba’s China e-commerce revenue to grow by 8% year over year for the quarter ending June 30, representing the first positive growth in the past six quarters, thanks to the 7% growth in the combined GMV of Taobao and Tmall, Nomura Securities said in a note.

The broker reiterated a Buy rating for Alibaba, with a target price of $136.

Nomura expected Alibaba’s performance in the quarter to be better than market expectation ans on the ride of improved customer management revenue (CMR), the broker forecast EBITA of Alibaba’s China commerce to grow 7.7% year over year to 47 billion, yuan.