JPMorgan upgraded GDS Holdings (GDS) to Overweight from Neutral with a price target of $46, up from $34. The firm believes the resumption of H20 chips to China will drive upside to GDS’s domestic datacenter business. JPMorgan now sees a path to continued upgrades in the company’s China pipeline and revenue growth. In addition, GDS’s international business has been “quite strong,” the analyst tells investors in a research note.
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