Kingsoft Cloud upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded Kingsoft Cloud to Overweight from Neutral with a price target of $4.20, down from $4.50. The analyst forecasts Kingsoft Cloud’s margin expansion will eat market expectations even without a major revenue turnaround in the near term. The firm expects the company to turn EBITDA level breakeven in Q1, and for the first time achieve full-year EBITDA breakeven in 2024. It suggests investors accumulate the share into the Q3 results announcement.