Benzinga Breakfast Notes: Morgan Stanley Raises Alibaba Price Target From $111.10 To $118.10

Highlights from Morgan Stanley's note on Alibaba Group Holding Ltd BABA:

1. Robust mobile trends.

2. Mobile GMV grew 21 percent q/q & 262 percent y/y.

3. C2C GMV reacceleration suggests better selling conversion.

4. Non-GAAP EBITDA margins better than expected.

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