Deutsche Bank analyst Alan Hellawell raised his price target for Alibaba shares to $201 from $158 after spending two days with management in London. The stock closed Friday up 13c to $140.90. His new target reflects a roll forward to 2018 estimates.

Management reflected on its ever-improving use of customer data, Hellawell tells investors in a research note. The analyst highlights Alibaba management’s “undiminished belief” in the potential to monetize core commerce through better ad targeting and analytical support of the platform’s merchants. It is clear that the company remains in the early stages of bringing together a wide range of behavioral data across multiple platforms to improve targeting for its brand-customers, Hellawell writes. He believes Alibaba’s user engagement continues to grow and keeps a Buy rating on the shares.