Alibaba's Underwriters Start Coverage With Bullish Calls

Alibaba (BABA) gets bullish starts, an upgrade for Jamba (JMBA) and a downgrade for Michael Kors (KORS) in Wednesday's Analysts' Actions. The quiet period for Alibaba's IPO underwriters is now expired and now some are covering the stock. Morgan Stanley and Citi were among the six banks that led the historic initial public offering in September. Morgan Stanley is starting its coverage with an OVERWEIGHT rating and a $111 price target. Citi initiated Alibaba with a BUY rating and $118 price target. Another firm, Pacific Crest is starting Alibaba coverage with an OUTPERFORM rating and with a more bullish price target at $125 dollars a share. Jamba was upgraded at Wedbush to OUTPERFORM from NEUTRAL. The price target was bumped to $17 from $15. The firm sees improved profitability from its re-franchising. And, a downgrade for American designer Michael Kors. Janney is now rating the stock a NEUTRAL from a BUY and slashed it price target to $87 from $105.