Three analysts initiated coverage on Alibaba Group with bullish ratings on Wednesday, as a 40-day quiet period on Alibaba's IPO underwriters expired. Morgan Stanley initiated coverage at overweight and a $111 price target. Pacific Crest initiated coverage with an outperform rating and a $125 target. Citigroup initiated coverage with a buy rating and a $118 target. Morgan Stanley and Citi were among the six banks named as Alibaba's lead underwriters during its September IPO. The ratings come the day after China's largest e-commerce company surpassed Wal-Mart by market capitalization in intraday trade. Shares of Alibaba were up 0.6% to $100.25 in premarket trade after closing Tuesday's session up 1.9% to $99.68 with a $246 billion market cap. In a note to clients, Citi said there was underappreciated upside for e-commerce in China. Alibaba, it said, has "huge growth headroom."
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