0924 GMT - Alibaba is to well-positioned to benefit from structural growth in AI computing and applications, OCBC analysts write in a note. The company's latest quarterly results came in with a clean beat and remains the bank's preferred play to get exposure to a broadening and acceleration in AI adoption in China, they say. Alibaba is China's largest cloud hyperscaler, and also ranks first in Asia and fourth worldwide as a cloud service provider, which may have stronger growth potential with AI, they say. The bank lifts its fair value estimate on the stock to $164.50 from $123.40, supported by earnings growth and stronger cloud valuation. The ADRs last closed at $135.97. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
(END) Dow Jones Newswires
February 21, 2025 04:24 ET (09:24 GMT)
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