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Growing more optimistic about Chinese internet stocks, Bernstein lifts Alibaba’s (NYSE:BABA) price target from $270 to $290 and JD.com (NASDAQ:JD) from $60 to $72.
Analyst David Dai says recent gains within the group are “simply a matter of higher conviction over the long-term.”
Dai thinks Alibaba and JD can double their GMV in the next five years, while peer Pinduoduo (NASDAQ:PDD) could quadruple.
Bernstein maintains an Outperform rating on BABA, JD, and PDD.
BABA shares are up 1.7% pre-market to $220.75. The company has a Very Bullish average Wall St. Analysts rating.
Nokia (NYSE:NOK) to provide optical data center interconnect (DCI) networks to Tencent (OTCPK:TCEHY) and Baidu (NASDAQ:BIDU).
Markus Bochert, President of Nokia Greater China, said: “We continue to expand our relationship with China’s webscale giants. Our leading DCI product portfolio and technology innovations in photonics and SDN controllers are key, as well as our strong R&D capabilities, globalized supply chain and highly responsive service teams. These latest contracts with Baidu and Tencent consolidate our presence in the webscale market in China, which we are confident will continue to flourish in the coming years.”
NOK +2.34% premarket.
EU antitrust regulators have opened fresh investigations into Apple (NASDAQ:AAPL), saying restrictions imposed by the iPhone maker may have breached competition rules.
The first case centers around the Apple Store and the mandatory use of proprietary in-app purchase systems, as well as limits on developers for outside their apps.
The second case focuses on the terms and conditions for integrating Apple Pay into merchant apps and websites across Apple devices.
AAPL +1.3% premarket
SoftBank (SFTBY +1%) is set to sell up to two-thirds of its T-Mobile (NASDAQ:TMUS) stake early next week, CNBC reports.
That would be a transaction valued about $20B, and points for a need for cash at the Japanese telecom/conglomerate.
The $20B would go a long way toward SoftBank’s spring plan to sell or monetize up to $41B in assets in order to cut debt and repurchase shares.
T-Mobile stock is one of the very few in the red so ar this morning, -1%.
Evercore data shows “a far more promising picture” for ride-share recovery.
Chinese ride-share volumes have returned to pre-pandemic levels, and Apple mobility data shows a substantive shift from cars to public transit.
Weekly average users are now 60-70% below the pre-pandemic levels, improved from the 75-80% a few weeks ago.
Related: Earlier this month, Lyft trimmed its Q2 loss forecast after May rides grew 26% from the previous month.