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<Research>Citi Slightly Hikes BABA-W (09988.HK) TP to $216, Rating Kept Buy
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Citi published a research report saying that, as BABA-W (09988.HK) (BABA.US) steps up its efforts to meet demand for AI cloud and native applications, the rapid upgrades and releases of new versions of internal applications and large models will shore up other costs, dampening the group's adjusted EBITA.

The broker maintained its forecast for Alibaba's cloud revenue, projecting 30%/ 32%/ 25% growth in FY2026-28, respectively. Alibaba is well-positioned to capture the evolution of ASI, which should translate to sustainable cloud revenue growth.

Related NewsNomura Raises Alibaba's TP to USD215; Loss in Instant E-commerce May Have Peaked Out Last Qtr
Following the revised forecast, the broker slightly raised its target price for Alibaba's H-shares from $215 to $216, maintaining its Buy rating.
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