Wall Street is getting excited about these Chinese stocks — and upgrading three to 'buy'

The positive view comes as the many Chinese companies are reporting earnings for the last three months of 2023 and the full year. While many analysts are skeptical China can meet its "around 5%" growth target for 2024 without further stimulus, the country did report better-than-expected economic data in retail sales, industrial production and fixed asset investment for the first two months of the year.

That's contrary to the consensus view of an EBITDA loss, the analysts noted. Their optimistic case is based on revenue shifting to higher-margin sources such as Kingsoft's fast-growing business in artificial intelligence, as well as a decline in costs due to asset write-offs in the third quarter. Vnet Group — BofA on Tuesday upgraded the data center operator's stock to buy with a $2.70 price target, down from $3.90 previously but still more than 35% above where shares closed Tuesday.

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