Alibaba Stock Gets A Price Target Boost From BofA – Check Out The Details

Shares of Alibaba jumped nearly 9% after media reports indicated that the company plans to expand its investment in artificial intelligence, compared to its prior expectations and commitments.

Alibaba Group Holding (BABA) shares on Wednesday witnessed a price target hike from Bank of America, with the firm revising its target on the stock to $195 from $168. BofA said it believes the company is positioned as the world's leading full-stack artificial intelligence services provider.

Shares of Alibaba jumped nearly 9% before the bell on Wednesday, and the stock became the top-trending ticker on Stocktwits after media reports indicated that the company plans to expand its investment in artificial intelligence (AI), surpassing its prior expectations and commitments. 

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