10 AI Stocks Taking Wall Street by Storm

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8. Alibaba Group Holding Limited (NYSE:BABA)

Number of Hedge Fund Holders: 107

Alibaba Group Holding Limited (NYSE:BABA) is an internet giant that offers e-commerce services in China and internationally. One of the biggest analyst calls on Monday, February 24, was for Alibaba Group Holding Limited. Morgan Stanley upgraded the stock to “Overweight” from equal weight with a price target of $180, up from $100.

The firm said that the Chinese e-commerce company is now its preferred pick. It also admitted that it had underestimated the surge in the company’s AI-driven cloud demand and the strength of its core Taobao and Tmall Group business. The firm further forecast Alibaba’s cloud revenue to double in three years.

“As the market shifts focus from weak consumption to technological breakthrough in China, we believe China Internet offers superior exposure to AI enablers / adopters.”

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