J.P. Morgan Chase released a research report on Alibaba-SW, maintaining an “gain” rating, with a target price of HK$195. Despite lowering the EPS forecast, the cloud business EBITA will be positive and the growth rate will exceed 55%, and the profit margin will rise to more than 15%. The company's EBITDA forecast is still higher than market expectations, and the long-term growth logic is stable.

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