JPMorgan Chase & Co. has raised its price target for Alibaba Group Holding Ltd.’s Hong Kong-listed shares by nearly 45%, setting the highest target among analysts tracked by Bloomberg.
The new target of HK$240 ($31) per share for the end of 2026 implies a potential 36% gain from Tuesday’s close. Analysts, led by Alex Yao, said the valuation—around 12 times JPMorgan’s fiscal 2028 earnings estimate for Alibaba—“offers significant room” for further upside, citing an improved outlook for the company’s cloud business and growing synergies between its AI initiatives and e-commerce operations.
Alibaba’s Hong Kong shares surged 53% in September, the best-performing stock on the Hang Seng Index. Investor enthusiasm was fueled by the company’s plans to increase AI spending beyond an initial target of $53 billion and a new partnership with Nvidia Corp.
“Alibaba is positioned to participate at every stage—compute, platforms, and apps—while directly improving merchant economics” in generative AI, Yao said. The report noted that investors should look past potential headwinds from the food delivery sector and quick-commerce challenges expected in 2027.
