Alibaba Group Holding Limited (BABA)

Outperform Recap: Q1 FY27

Cloud Hits Every Checkpoint We Set; the Street Repriced the Bill Instead

Outperform Recap: Q4 FY26

The AI Monetization Inflection Arrives as the Profit Troughs: Upgrading Alibaba to Outperform

Hold Recap: Q3 FY26

Cloud Accelerates to +36% and a US$100B Target Lands, But Quick Commerce Gets Two More Years of Spend and a First Profit Date of FY29

Hold Recap: Q2 FY26

Cloud Reaccelerates to +34%, But a Spending Shock Buries the Profit Line: Initiating Alibaba at Hold