JPMorgan has issued a report, showcasing a heightened level of confidence in Alibaba's structural growth trajectory over the forthcoming 12-month period. Notably, Alibaba's cloud external revenue growth witnessed an acceleration in the previous fiscal quarter, with the annualized run rate for model-as-a-service projected to hit RMB 30 billion by year-end. Moreover, the guidance for the EBITA margin in the cloud sector is set to be revised upwards, thereby fortifying Alibaba Cloud's foothold in the market. Despite these advancements, the market continues to assess Alibaba against the benchmarks of a conventional e-commerce entity, leaving the full potential of its cloud business underestimated. In light of these developments, JPMorgan has revised its adjusted earnings per share projections for Alibaba for the fiscal years 2027 and 2028 upwards. Consequently, the target price for Alibaba's H-shares has been adjusted from HK$195 to HK$200, while the target for its U.S.-listed shares has been raised from US$200 to US$205. Both stocks retain an 'Overweight' rating.