Alibaba ADR climbs on analyst upgrades, AI momentum

Alibaba Group Holding ADR rose 4.9% during Friday morning trading following a series of analyst price target increases and positive commentary on the company's artificial intelligence and cloud computing businesses.

Citi raised its price target on Alibaba to $193 from $190 and maintained a Buy rating, citing revised estimates for consolidated revenue growth. Jefferies named Alibaba its top pick among Chinese internet companies and increased its price target to $192 from $190. The firm projected that AI Cloud and Compute services revenue will grow more than 50% year-over-year in the September quarter.

Bank of America lifted its price target to $178 from $175, pointing to profitability improvements in cloud and AI operations. Morgan Stanley maintained its Buy rating with a $180 price target on the stock.

CICC kept its Outperform rating with a $178 target and raised profit forecasts based on strength in AI and cloud operations. The upgrades arrive ahead of Alibaba's fiscal second-quarter earnings report.

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