《大行》高盛升阿里目标价至 205 美元 多模态 AI 模型突破下看好阿里云

Goldman Sachs published a research report stating that after Alibaba (09988.HK) outperformed the market in stock price performance, it has reshaped its narrative and raised its capital expenditure forecast for Alibaba for the fiscal years 2026 to 2028 to one of the highest in the market at RMB 460 billion. With breakthroughs in multimodal AI models and increasingly diversified chip supply support, it has raised the cloud revenue growth forecast for the next three quarters to year-on-year growth rates of 31%, 38%, and 37%.

Goldman Sachs raised its 12-month target price for Alibaba (BABA.US) from $179 to $205, and the target price for Alibaba (09988.HK) from HKD 174 to HKD 199, due to stronger visibility of its e-commerce core profitability and the growth potential of international cloud services. It views the recent stock price weakness/correction as an attractive "buy" opportunity, hence the rating is "buy."

The firm stated that although the group's profits have significantly declined due to fast-moving consumer goods investments/losses, Goldman Sachs believes that the market should focus on the initial signs of recovery in profitability growth for the Taobao - Tmall platform, Alibaba Cloud's unique full-stack AI capabilities, and the potential profitability of the local services platform, supporting the re-narration of AI + daily consumption (Taobao + Amap) and AI + cloud super-large-scale operator leadership.

Goldman Sachs introduced a framework to assess the growth outlook for AI cloud and raised Alibaba Cloud's annual revenue growth for the fiscal years 2026 to 2028 to 33%, 29%, and 19%, respectively; it raised the valuation of Alibaba Cloud to $54 per share (previously $43)