CICC maintained an Outperform rating for Alibaba (BABA-W) despite lowering its revenue forecasts for fiscal 2027-2028 by 3% to 4%. The firm raised its non-GAAP net profit forecasts by 5% to 9%, citing strong growth in Alibaba Cloud's revenue driven by Model-as-a-Service and improvements in the fast e-commerce segment. The report highlights that Alibaba Cloud's revenue is expected to continue growing significantly, which supports the positive outlook.
