According to Bernstein, now is the optimal time to buy shares of Alibaba. “We’re upgrading Alibaba as we expect the company’s increased GMV market share to improve in the coming quarters as we exit last year’s merchant exodus and calculate the macro,” Robin writes. softer, while expecting lower strategic initiatives to drive EBITA Trade China growth,” Zhu in a note to clients Wednesday. He added: “We think $85-90 will act as a floor for pricing and see an attractive risk reward following the last week’s drop. Shares of Alibaba are down nearly 12% this year and are down nearly 52% from their 52-week high. Shares could rise 24% from Tuesday’s close based on the company’s new $130 price target, up from $115. Among the reasons he likes stocks, Zhu believes that Alibaba’s gross merchandise value, a popular measure of total sales, could rebound. He also expects an IPO in Ant to benefit the company’s valuation. “We are probably still 12-18 months away from the e-commerce market share slowing down,” he wrote. “But when this happens, we think Alibaba’s rising GMV stock could rebound – say, back into the 20% range. Alibaba management seems more confident lately and sees yields Core earnings should be stable in the coming quarters.” – CNBC’s Michael Bloom contributed reporting