Alibaba Earnings Turnaround Hopes Revived After Shares Rise 60%

Some of Wall Street’s biggest brokerages have reiterated their bullish calls for Alibaba Group Holding Ltd., suggesting more gains may be in store after the e-commerce giant surged from a mid-March low.

The consensus estimate for the retailer’s earnings per share for the next 12 months has climbed more than 7% from a three-year low in late May, according to data compiled by Bloomberg. More than 10 brokerages, including Citigroup Inc. and Goldman Sachs Group Inc., have reinforced their buy calls over the past week.