JPMorgan analyst Alex Yao raised the firm’s price target on Alibaba (BABA) to $245 from $170 and keeps an Overweight rating on the shares. The firm attributes the recent share outperformance to the company’s better than expected cloud revenue growth rate in Q2 and management’s confidence in its investment strategy in food delivery and quick commerce. After attending the Apsara conference last week, JPMorgan is “incrementally more positive” on AliCloud for its future revenue generation opportunity with external clients and synergy with domestic e-commerce.
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