Alibaba Price Target Lifted by JPMorgan to Street High on Cloud
JPMorgan Chase & Co. has increased its price target for Alibaba Group Holding Ltd.'s Hong Kong shares by nearly 45%, setting the highest target among analysts tracked by Bloomberg. The investment bank's analysts believe Alibaba's cloud computing business is driving the company's growth and has significant potential for further expansion. The revised price target reflects their optimism about Alibaba's ability to capitalize on the growing demand for cloud services in China and abroad. This move comes as Alibaba continues to expand its cloud computing operations, which have become an increasingly important part of the company's overall business strategy. The analysts' positive outlook on Alibaba's cloud segment has led them to raise their price target for the company's Hong Kong-listed shares, reflecting their belief in the company's long-term growth prospects.
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