Citigroup: Alibaba's e-commerce business monetization capabilities may continue to improve by 2026, maintaining a buy rating on the stock.

After Alibaba announced its quarterly performance for March, Citibank analysts said in a research report that the monetization capabilities of Alibaba's e-commerce business may continue to improve in 2026. These analysts said that monetization will be supported by software expenses and the adoption of digital marketing tool "Alibaba Push" by merchants. However, these analysts pointed out that its net profit, international business, and logistics revenue did not meet expectations, which could result in a slightly negative performance. Citibank analysts maintained a buy rating on the stock with a target price of HK$165, and added that they see Alibaba as a representative of "China's AI and macroeconomic rebound."