Over the past couple of months, China has faced some economic issues in the form of a COVID-19-related lockdowns. However, the pain may be nearing an end, as one major American investment house is starting to come back around to Chinese stocks.

In March, President Xi Jinping’s government pledged to ensure stability in capital markets, support overseas stock listings and complete its crackdown on “Big Tech” that took off last summer. The People’s Bank of China has pledged support as well and will be implementing policies to help ensure these goals. Yet, it is unclear what actually will happen when the rubber meets the road.

Now it seems that American brokerage firms are falling in line and recognizing a fundamental change in Chinese stocks. J.P. Morgan issued a series of sweeping upgrades for practically every Chinese stock in its coverage universe.

Alibaba Group Holding Ltd. (NYSE: BABA) was upgraded to Overweight from Underweight and the price target raised from $75 to $130, which implies upside of 48% from the most recent closing price of $87.99. Shares were trading around $89, in a 52-week range of $73.28 to $230.89. The consensus price target is $173.87. As of Friday’s close, this stock was down 58% in the past 52 weeks.

KE Holdings Inc. (NYSE: BEKE) was upgraded to Neutral from Underweight, and the $7.50price target to $13.50. This implies upside of 8% from the most recent closing price of $12.53. The stock was trading near $13, with a consensus price target of $23.85. The stock has a 52-week range of $7.31 to $54.49. As of Friday’s close, this stock was down 75% in the past 52 weeks.

Baidu Inc. (NASDAQ: BIDU) was upgraded to Neutral from Underweight, while the $90 price target went to $125. The implied upside from the most recent closing price of $116.94 is 7%. The stock was trading just over $118, with a consensus price target of $226.55. The stock has a 52-week range of $101.62 to $209.17. As of Friday’s close, this stock was down 37% in the past 52 weeks.

Bilibill Inc. (NASDAQ: BILI) was upgraded to Neutral from Underweight, and the analyst raised the price target from $15 to $19. This implies downside of 8% from the most recent closing price of $20.60. Shares were trading around $22, in a 52-week range of $14.93 to $129.24. The consensus price target is $52.99. As of Friday’s close, this stock was down 79% in the past year.

Baozun Inc. (NASDAQ: BZUN) was upgraded to Neutral from Underweight, while the $5 price target went to $8, implying upside of 5% from the most recent closing price of $7.64. The stock was trading just over $8, with a consensus price target of $18.04. The stock has a 52-week range of $5.41 to $38.15. As of Friday’s close, this stock was down 76% in the past 52 weeks.

Dada Nexus Ltd. (NASDAQ: DADA) was upgraded to Overweight from Neutral. The $7.50 price target was hiked to $10. This implies upside of 53% from the most recent closing price of $6.55. The stock was trading just under $8, with a consensus price target of $23.21. The stock has a 52-week range of $5.00 to $32.50. As of Friday’s close, this stock was down 70% in the past year.

Dingdong Ltd. (NYSE: DDL) was upgraded to Overweight from Underweight, and the analyst raised the $2.50 price target to $7, implying upside of 47% from the most recent closing price of $4.75. The stock has a 52-week range of $2.51 to $46.00. As of Friday’s close, this stock was down 71% year to date.

IQIYI Inc. (NASDAQ: IQ) was upgraded to Overweight from Underweight, and the price target increased to $8 from $2. This implies upside of 169% from the most recent closing price of $2.97. The stock has a 52-week range of $1.86 to $16.12. As of Friday’s close, this stock was down 77% in the past 52 weeks.

JD.com Inc. (NASDAQ: JD) was upgraded to Neutral from Underweight. The price target rose to $58 from $40. The implied upside from the most recent closing price of $51.55 is 12.5%. Shares were trading around $52, in a 52-week range of $41.56 to $92.69. The consensus price target is $88.62. As of Friday’s close, this stock was down 24% in the past 52 weeks.

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Pinduoduo Inc. (NASDAQ: PDD) was upgraded to Overweight from Underweight, with the price target boosted from $27 to $55, implying upside of 46% from the most recent closing price of $37.72. Shares were trading near $40, in a 52-week range of $23.21 to $143.11. The consensus price target is $73.94. As of Friday’s close, this stock was down 68% in the past 52 weeks.

Zhihu Inc. (NYSE: ZH) was upgraded to Overweight from Underweight, but the price target was cut from $1.80 to $1.50, implying upside of 10% from the most recent closing price of $1.36. Shares were trading around $1.50, in a 52-week range of $1.23 to $13.84. The consensus price target is $4.82. As of Friday’s close, this stock was down 83% in the past year.

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