Wall Street is getting excited about these Chinese stocks

[Pelican Press 0]

Wall Street is getting excited about these ******** stocks

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,” the analysts added. Kingsoft Cloud — JPMorgan on March 10 upgraded the cloud services company to overweight, but trimmed its price target by 30 cents to $4.20 a share based on a lower revenue forecast. That’s still about 30% above where Kingsoft Cloud shares closed Tuesday. JPMorgan expects the company will break even in the first quarter on an earnings before interest, taxes, depreciation, and amortization basis, and achieve break even for all of 2024 — the first time ever. That’s contrary to the consensus view of an EBITDA loss, the analysts noted. Their optimistic case is based on revenue shifting to higher-margin sources such as Kingsoft’s fast-growing business in artificial intelligence, as well as a decline in costs due to asset write-offs in the third quarter. Vnet Group — BofA on Tuesday upgraded the data center operator’s stock to buy with a $2.70 price target, down from $3.90 previously but still more than 35% above where shares closed Tuesday. The analysts expect news of a local government contract and demand from short video companies to boost VNET’s revenue in the years ahead. The company already operates data centers in more than 20 cities in China, according to the report. Analysts are also finding more reasons to turn incrementally optimistic about other ******** stocks. Earlier this month, on March 10, JPMorgan upgraded shares of video streaming and gaming company Bilibili to neutral, from underweight, with a price target of $11, slightly below where shares closed Tuesday. The analysts expect Bilibili can reach its double-digit revenue growth target for the year with the help of new game releases. They also pointed out the company achieved two quarters of positive operating cashflow in 2023. “With these catalysts, we think share price downside is limited in the next 3-6” months, the report said. Deutsche Bank analysts on March 8 also initiated coverage of China’s auto sector with five buy-rated stocks: Great Wall Motor, BYD, Seres, Li Auto and JMC. Only Li Auto is listed in the U.S. —With reporting by Michael Bloom

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Stock markets,Markets,Market Insider,Tencent Music Entertainment Group,Tencent Music Entertainment Group,Kingsoft Cloud Holdings Ltd,Kingsoft Cloud Holdings Ltd,VNET Group Inc,China,Citi Trends Inc,business news
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