As previously reported, Bernstein upgraded Alibaba (BABA) to Outperform from Market Perform with a price target of $165, up from $104, telling investors that the combination of the “more gainful capital allocation” of spending on AI infrastructure, over “chasing Temu” in global markets, plus a better industry structure for AI than legacy cloud and possible spill-over effects of the AI capex boom in China makes the firm feel that Alibaba earnings “could now be on a more upwardly-pointing trajectory.”
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