Alibaba‘s annual investor day has Wall Street absolutely overjoyed.
Shares of the e-commerce company’s stock soared more than 10 percent in early U.S. trading Thursday, after management upped its outlook for Alibaba’s revenue growth for the full year.
The Chinese conglomerate is now forecasting total sales growth of 45 to 49 percent this year, a target that tops analysts’ expectations by 10 percentage points. The new forecast on Wednesday from the CFO drew “gasps of wow” from investors at Alibaba’s Hangzhou headquarters, The Financial Times reported.
“The company will continue building its ecosystem based on data technology with core businesses supported by payment, logistics, data management platform and cloud,” Jefferies analyst Jessie Guo wrote in an updated note to clients.
Guo maintains a buy rating on Alibaba shares, with a price target of $122. The stock closed Wednesday at $125.64 a share.
As of Wednesday’s close, shares of Alibaba had climbed more than 40 percent this year, and the stock is up a whopping 62 percent from a year ago.