A slew of Wall Street analysts just raised their Alibaba stock forecasts because of strong sales in its commerce and cloud computing units over the past quarter.

Shares of Alibaba Group Holding Ltd. (NYSE: BABA) continued to climb today, clsoing at $195.35 per share in New York, up more than 3 percent.

After well-known short seller Citron Research's claim last week that Alibaba was on its way to $250, wealth management firm, Raymond James, also raised Alibaba's price target to $250 per share from its earlier $240 estimate. Stifel Financial was even more optimistic on this Chinese e-commerce giant. It raised its target price to $262 per share, suggesting a more than 30 percent increase from today's closing price.

Moreover, Wells Fargo and Benchmark both reiterated their "Outperform" ratings on Alibaba, and raised their price target to $230 and $245, respectively, according to Thomson Reuters Eikon.



However, Deutsche Bank announced today that it decided to cut Alibaba's price target to $201 from $204.

Alibaba reported a better-than-expected revenue surge of 61 percent in its quarterly results Friday. Revenue grew to nearly $9.9 billion, compared with $6.2 million, higher than analysts expected.

It has been two years of continuous quarterly revenue growth above 50 percent for Alibaba, even as new investments continued to weigh on margins.



Alibaba's chief financial officer, Maggie Wu, said the company expected strong revenue growth above 60 percent for the year. "We expect our new growth initiatives will drive long-term, sustainable value for our customers and partners, and increase our total addressable market," she added.