Citigroup raised its price target on Alibaba Group to $120.90 from $118 on Wednesday, saying China's largest e-commerce giant has a strong long-term growth story, particularly in mobile. Alibaba earlier this week reported mobile revenue of 3.7 billion yuan, which Citi said was 25% higher than its estimates. "We expect mobile GMV and connecting overseas brands with Chinese consumers to be focus areas this year," Citi analyst Thomas Chong said. Alibaba's take rate on mobile grew 1.87% last quarter from 1.49% the year before. The company's price target was also lifted by Pacific Crest on Wednesday, to $127 from $125. Shares of Alibaba were up 0.6% to $106.73 in premarket trade. The company reported its first quarterly earnings as a public company on Monday.
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