TCEHY - Alibaba JD.com Baidu dip even as J.P. Morgan upgrades Chinese tech on easing 'significant uncertainties'

Alibaba (BABA), JD.com (NASDAQ:JD) and Baidu (NASDAQ:BIDU) fell on Monday even as investment firm J.P. Morgan upgraded Chinese tech stocks, citing an abatement to the "significant uncertainties facing the sector." Analyst Alex Yao upped the ratings on the sector to overweight, impacting Tencent (OTCPK:TCEHY), Alibaba (BABA), Pinduoduo (PDD), JD.com (JD) and Baidu (BIDU). Other ratings that were raised include KE Holdings (BEKE), NetEase (NTES), Bilibili (BILI), IQIYI (IQ), Dada Nexus (DADA), Dingdong (Cayman) (DDL) and Baozun (BZUN). Yao noted that "recent announcements" have moved the firm to "stage two" of the model, noting that the "significant uncertainties" should start to ease following recent regulatory announcements, but noted that we're in a very different stage of the pandemic. "This analysis drives lower short-term earnings paired with Target multiples higher than the trough targets in our 14 March report, but lower than those used at [year-end 2021] due to Common Prosperity impacts,"

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Alibaba, JD.com, Baidu dip even as J.P. Morgan upgrades Chinese tech on easing 'significant uncertainties'