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BUY Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Steve Qiu 26 November 2025 | 4:25AM HKT Equity Research Alibaba Group (BABA) 2QFY26 review: Cloud/CapEx beat reinforces the AI-driven narrative despite slower eCommerce; Buy | BABA | 12m Price Target: $197.00 | Price: $160.73 | Upside: 22.6% | | --- | --- | --- | --- | | 9988.HK | 12m Price Target: HK$192.00 | Price: HK$157.80 | Upside: 21.7% | Alibaba reported a solid beat in cloud growth (+34% yoy) and AI capex intensit ...