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Benzinga
Benzinga
Technology
Anusuya Lahiri

Here's Why This Fund Manager Sees Buying Opportunity In Alibaba

  • Lockdowns in China could be a boon for businesses like Alibaba Group Holding Ltd (NYSE:BABA), says Stonehorn Global Partners CEO Sam Le Cornu, CNBC reports.
  • Cornu's firm is buying more shares in the Chinese tech giant.
  • "Based on valuations and the earnings outlook, we see that it's a buying opportunity."
  • The covid induced lockdowns could benefit e-commerce platforms like Alibaba's Taobao and Tmall, as consumers will still need to buy goods but have limited opportunity to visit brick-and-mortar stores.
  • Tencent Holdings Ltd (OTC:TCEHY), Alibaba, JD.com Inc (NASDAQ:JD), Pinduoduo Inc (NASDAQ:PDD) all did well during the lockdown last time, the report quoted the investor.
  • Le Cornu was "pretty impressed" with how Alibaba navigated some macro headwinds.
  • Price Action: BABA shares traded higher by 3.40% at $130.94 in the premarket session on the last check Friday.
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