The analyst rating for BABA-W (09988.HK) was influenced by concerns regarding execution risk due to significant structural changes within the Qwen research team, including the resignation of key personnel. JPMorgan noted that this situation could disrupt the shipment pace and organizational output capacity in the short term. Despite these concerns, they did not view it as a break in the long-term investment thesis for Qwen as a brand. As a result, they rated BABA-W's H-shares at Overweight, with a target price of $210, reflecting a positive outlook despite the short-term risks.
