Goldman Sachs, Morgan Stanley and others all name one Chinese tech name as a top pick.
Beijing's rapid reopening has raised hopes that its battered economy could follow a similar pace of recovery — and Wall Street is excited about what it means for stocks. Since the turn of the year, a raft of Wall Street banks has turned increasingly bullish on the world's second-largest economy and its stock market. One of the sectors that's gotten investors most excited is tech.
Interest in Alibaba has also risen among institutional and other high-net-worth investors. Billionaire activist investor Ryan Cohen has acquired a stake in Alibaba worth hundreds of millions of dollars since the second half of 2022, according to reports . Cohen is reported to have told Alibaba executives that he thought the company could reach double-digit sales growth and nearly 20% free cashflow growth over the coming five years. Fund manager Brian Arcese is also a fan of Alibaba.
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