As shares of Alibaba Group (BABA) rallied 102% year-to-date (YTD) versus the S&P 500’s 12% gain over the same period, two top fund managers recently came out to offer a bullish outlook on the Chinese e-commerce giant.

Fund manager Tony Mitchel says BABA is now his second-largest holding behind Facebook Inc. (FB) as he prefers the stock over Seattle-based Amazon.com Inc. (AMZN), which has surged 29% in 2017. Last week, Gorden Lam offered a similar take, suggesting that BABA is only in its early stages of growth. (See also: Alibaba Surging on ‘Robust’ Retail Sector: Goldman.)

Don’t Run After Shares Now

Mitchel, whose Internet fund has averaged a 17.5% return since its start in 2000 and has grown 25% this year, believes that Alibaba can double again as founder and Chief Executive Officer Jack Ma continues to drive the once-B2B​-focused company to become more consumer-centric, diversified and innovative.

While the investor says he “wouldn’t be surprised” to see a pullback in BABA shares, particularly if things escalate further with North Korea in the next six months, in the long-term he thinks the stock still has room to run. “I wouldn’t advise anyone to run out today and buy it, but I would buy it on a pullback,” Mitchel told Forbes in an interview.  

Foreseeing BABA doubling again within the next three to four years, Mitchel implies an average 20% year-over-year (YOY) return over the period. As for Alibaba’s American counterpart, the manager says while he has “liked Amazon for a long time” he has never liked the valuation and believes he missed a great run. “Amazon is trading at a PE of 245, while Alibaba is trading at a PE of 62, and while both have rich valuations, even if you discount Alibaba for its Geo-Political risk at 50%, it would still need to double to reach the valuation of Amazon,” said the fund manager. (See also: Alibaba’s Ma, Tsai to Unload Shares: Will it Hurt?)

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