Jefferies named Alibaba a top internet stock in Asia-Pacific, citing its central role in China’s AI landscape. The brokerage highlighted Alibaba’s capabilities across cloud computing, AI models, chips and applications as drivers of future earnings growth.
Jefferies forecasts Alibaba Cloud revenue will grow more than 50% year over year in the September quarter. It also expects improving economics in Alibaba’s quick-commerce unit and stronger execution in core customer management revenue.
Jefferies rated Alibaba’s Hong Kong-listed shares Buy and set a price target of HK$184. On the same day, southbound trading through the Stock Connect program recorded net sales of HK$552 million in Alibaba shares, contrasting with the bullish analyst outlook.