JPMorgan Chase & Co. analysts are turning more positive on Chinese Internet stocks, upgrading at least 15 companies just two months after their bearish report on the industry triggered a market selloff and a bout of internal hand-wringing at the biggest US bank.
Analysts led by Alex Yao raised their ratings on companies including Tencent Holdings Ltd. and Alibaba Group Holding Ltd. on Monday, a move that’s likely to raise eyebrows on Wall Street after reports from the team in mid-March called the sector “uninvestable.”
