Citi analyst Alicia Yap raised the firm’s price target on Alibaba (BABA) to $217 from $187 and keeps a Buy rating on the shares after raising the firm’s cloud revenue and capex assumptions based on Apsara Conference onsite attendees’ traffic along with the company’s “optimistic expectation” of a tenfold increase in data center capacity in response to accelerating AI cloud demand. The firm, which calls Alibaba “one of the 5-6 global super cloud platforms with full-stack AI services,” views the company as well-positioned for sustainable cloud revenue growth.
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