A recent research report by analysts at Citigroup highlights the continued robust growth potential of Alibaba's (09988.HK) cloud business. During Citi's Pan-Asia conference in Singapore, Alibaba showcased significant customer demand for its cloud offerings, particularly emphasizing the growing need for inference capabilities following the introduction of DeepSeek. Based on this positive feedback, Citi analysts remain optimistic about the demand for Alibaba's cloud products, projecting a 21% year-over-year increase in cloud revenue for the first fiscal quarter and a 20% increase for the entire fiscal year 2026. Additionally, Citi maintains its 'Buy' rating on Alibaba's American Depositary Receipts (ADR) with a target price of $169.00.