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.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

One of Wall Street's favorite investment vehicles turns 25 years oldThe most important stocks in the QQQ fund have changed over different market cycles.
Source: CNBC - 🏆 12. / 72 Read more »

Stock market today: Asian shares mostly rise after Wall Street's record rallyAsian shares are mostly rising, encouraged by a record rally on Wall Street. Benchmarks gained Wednesday in Sydney, Seoul and Hong Kong. Tokyo's Nikkei 225 lost morning gains to slip in afternoon trading. Also on investors' minds is the Japanese yen's rise against the U.S.
Source: AP - 🏆 728. / 51 Read more »

Stock market today: Global shares trade mixed despite Wall Street's record rallyGlobal shares are mixed in muted trading as optimism set off by a record rally on Wall Street gradually ran out of momentum.
Source: wjxt4 - 🏆 246. / 63 Read more »

Stock market today: World markets are mostly lower after retreat on Wall StreetShares have retreated in Europe and Asia after a mixed batch of data on the U.S. economy dashed hopes that easier interest rates are coming soon.
Source: ksatnews - 🏆 442. / 53 Read more »