The market is getting excited for Alibaba Group Holding Ltd’s (NYSE:BABA) biggest shopping day of the year Friday, Nov. 11. So excited, in fact, that at least one analyst felt the need to lift the price target on BABA stock before the holiday.

Singles Day is a completely commercial holiday, to be sure, but BABA consumers embrace it  with open arms. The one-day sale — slated for Oct. 21 — generated more than $14 billion in transactions last year. That makes it bigger than Black Friday and Cyber Monday combined.

And it’s only set to get bigger with BABA laying the hype on thick. Pop star Katy Perry is the headliner for this year’s festivities, which will also include virtual reality shopping and a live-streamed fashion show.

But analysts are high on Alibaba stock for reasons well beyond the event.

For example, Needham raised its price target on BABA stock to $125 from $105 and maintained a buy rating on more than just Singles’ Day. From the note to clients:

“We expect BABA to report in-line revenue and EBITDA for Sep-16 quarter (F2Q17). China Commerce should continue to account for the majority of revenue and EBITDA. We expect strong GMV growth and continued take rate improvement to power China Commerce revenue growth of 42% y/y and EBITDA margin of over 60%. We believe International growth and the contribution from Digital Media and Entertainment could deliver revenue upside….We estimate continued triple-digit growth for Cloud Computing… We are raising our PT to $125.”

In short, te analysts are looking for earnings per share upside from Alibaba thanks to cost controls and a favorable business mix.

Analysts Call BABA Stock a Big Buy

Needham’s target price of $125 gives Alibaba stock implied upside of 20% in the next 12 months or so. That’s more optimistic than the Wall Street average, which stands at $115 but isn’t particularly an outlier. The top price target on the Street for BABA stock is $138, good for implied upside of a whopping 33%.

Needham’s confirmation of its buy call marks the third such analyst action in as many weeks. Indeed, of the 38 analysts covering the stock for Thomson Reuters, 34 rate BABA a buy. Of the remainder, three say it’s a hold and one has it at sell.

The upcoming release of Alibaba’s quarterly results are going to matter more to the share price than Singles Day, but another record-breaking year couldn’t hurt. It could even serve as a short-term catalyst for shares.

Longer term, it’s very rare to find a company of BABA’s size with such strong growth prospects. It’s like the law of large numbers doesn’t apply. Like Amazon.com Inc. (NASDAQ:AMZN), Alibaba is happy to put investments in growth ahead of short-term profits.

Whatever the outcome of Nov. 11’s big shopping day, BABA remains a buy. Barring some kind of accounting scandal that the short sellers are pushing, Alibaba Holding looks strong.

As of this writing, Dan Burrows did not hold a position in any of the aforementioned securities.