C - Barclays calls Alibaba 'top pick' in new Chinese tech coverage realm

Barclays analyst Jiong Shao launched coverage of eight Chinese tech companies Wednesday with a range of ratings and an overall view that the sector is "too important to be ignored." Shao said that as Chinese Internet and tech companies have found their way into almost every part of China's economy, "any investor keen to invest in China should not overlook this sector." Shao said his "top pick" is Chinese e-commerce giant Alibaba (NYSE:BABA), and gave the company an overweight rating and stock price target of $275 a share. Shao said Alibaba's (BABA) sheer size makes it "one of the most compelling valuations" among not just Chinese companies, but within the larger tech landscape, as well. "Despite some market share loss to competitors in recent years, Alibaba retains a dominant position in China's e-commerce market, which still provides meaningful growth potential," Shao said. Shao also noted that "the market appears to

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Barclays calls Alibaba 'top pick' in new Chinese tech coverage realm