Bernstein is optimistic about Alibaba ( BABA ), maintaining an Outperform rating. Analysts expect a 25.65% rise in stock price, with a target price of $197.29 (currently $157.01).



Institutional trends are worth paying attention to: 1,829 funds/institutions held positions, an increase of 95 from the previous quarter. Among ordinary shareholders, Primecap Management reduced its holdings by 3.88%, but its weighted proportion in the portfolio increased by 46.62%—this indicates they are overall increasing their stake. JPMorgan also reduced its holdings by 17.72%, but the portfolio weight still increased by 22.66%.

View: Large institutions are actually adjusting their position structure through the contradictory operation of "reducing the number of holdings but increasing the weight." This is usually a sign of optimism but also reflects risk management. The put-call ratio in the options market is 0.64, which also leans towards bullish. Expected revenue growth is 12.09%, with non-GAAP EPS at 77.69.
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