Research analysts at JPMorgan Chase have endorsed a clutch of Chinese internet stocks deemed “uninvestable” just two months ago in a significant shift of sentiment towards the sector.
In a series of rating changes on Monday, technology analyst Alex Yao and his team upgraded seven companies to “overweight” having assigned them “underweight” ratings in March. JPMorgan also upgraded several other Chinese stocks from “underweight” to “neutral”.
An “overweight” classification typically means an analyst is recommending that their clients hold more of the stock than the relevant benchmark index as opposed to less. The labels are similar to a change from “sell” to “buy”.
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