Shares of Alibaba Group Holding (BABA) soared over 5% in the pre-market session on Wednesday, outperforming the broader market. The surge was driven by a combination of factors, including an analyst upgrade and easing concerns over potential U.S. restrictions on Chinese technology companies.
Bernstein upgraded Alibaba to an "Outperform" rating from "Market Perform," citing the company's strong fundamentals and growth prospects. This positive sentiment from a prominent Wall Street firm likely contributed to the stock's rally.
Additionally, Chinese tech stocks like Alibaba rebounded after a selloff in the previous session, which was triggered by fears of tightening U.S. restrictions on chip exports to China. UBS reiterated its "attractive" view on the Chinese internet sector, highlighting improving fundamentals, shareholder returns, and policy support from Beijing.
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