JP Morgan Chase has raised its price target for Alibaba’s Hong Kong-listed shares by nearly 45%, setting it at HK$240 (US$30.85) per share by the end of 2026.

This target, the highest among analysts tracked by Bloomberg, suggests a potential 36% rise from Alibaba’s latest closing price.

JP Morgan analysts, led by Alex Yao, cited improved prospects for Alibaba’s cloud revenue and increased synergy between its AI and ecommerce businesses.

Alibaba’s Hong Kong shares rose 53% in September, making it the top performer on the Hang Seng Index.

Investor interest grew after Alibaba announced plans to hike AI spending past an original target of more than US$53 billion and revealed a partnership with Nvidia.

JP Morgan’s report noted the bank previously called some Chinese internet stocks “uninvestable” in 2022 due to an editorial error.

🔗 Source: Bloomberg

Recent Alibaba developments