Alibaba Group Holding Ltd (NYSE:BABA) shares are trading higher Tuesday in sympathy with JD.com Inc (NASDAQ:JD), which reported better-than-expected first-quarter financial results.
- JD Revenue: $37.8 billion beat the $34.82-billion estimate
- JD EPS: $0.40 beat the $0.24 estimate
A couple of months after calling the sector "uninvestable," JPMorgan on Monday turned more positive on at least 15 Chinese tech companies. Analyst Alex Yao double upgraded Alibaba from an Underweight rating to an Overweight rating, citing increased clarity around regulations.
China on Monday laid out plans to end the COVID-19 lockdowns that have lasted several weeks and impacted some of the countries' largest companies. Investor confidence seems to be trending up following the announcement.
See Also: Jack Ma Backed Alibaba, Ant Financials Sell 43% Stake In Paytm; Valuations Plummets From $3B to $13M
Alibaba operates China's online marketplaces, including Taobao (consumer-to-consumer) and Tmall (business-to-consumer).
BABA 52-Week Range: $73.28 - $230.89
According to data from Benzinga Pro, the stock was up 6.96% at $92.50 at press time.
Photo: courtesy of Alibaba.
