UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Alibaba Group Holding Ltd. Following Strong Beat

In a report published Wednesday, Morgan Stanley analyst Angela Moh reiterated an Overweight rating on

, and raised the price target from $111.10 to $118.10. In the report, Morgan Stanley noted, “Mobile monetization rate beat, reaccelerating C2C growth, and robust active user growth supported better earnings delivery. Reiterate OW. Alibaba delivered a strong set of F2Q15 results, beating our revenue by 3%, non-GAAP EBITDA by 9% and our non-GAAP net profit by 13%.” Alibaba Group Holding Ltd. closed on Tuesday at $106.07.