Investment bank and financial services company Morgan Stanely has increased Alibaba Cloud’s (阿里云) valuation from $39 billion to $68 billion. It said it expects the cloud computing company’s revenue to reach $28.5 billion in 2024.

According to reports, the company is the third biggest cloud solutions provider globally, falling just behind Amazon and Microsoft. However, at home, it commands 47.5% of the market.

The company’s financial results have been driving Wall Street’s optimism. Alibaba Cloud reported revenue of RMB 13.39 billion for FY2018, exceeding analysts’ expectations. Morgan Stanley has set the company’s expected 2024 revenue to $28.5 billion.

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Chris Udemans

Christopher Udemans is a Shanghai-based data and graphics reporter. He covers Chinese artificial intelligence, mobility, and cybersecurity. You can contact him at chrisudemans [at] technode [dot] com.