Bank of America reaffirms Alibaba buy recommendation

Bank of America's Research Department has upgraded its recommendation to buy Alibaba Group's stock, raising the target price to $178 in the U.S. market and HKD 175 in Hong Kong. It anticipates a 10% revenue growth in the quarter ending September, along with improvements in profitability across the cloud computing and artificial intelligence sectors. The company expects cloud revenue growth to accelerate to 52%, with adjusted profit margins rising to 12.9%. Additionally, it forecasts that adjusted cloud profits will reach 30 billion yuan, benefiting from increased efficiency and reduced losses in the AI sector, with expected losses in that segment decreasing to 11 billion yuan in the last quarter.

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