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Alibaba (BABA) is set to go public with a pricing late Thursday for allocation and trading on Friday morning. It promises to be a monster IPO and a virtual proxy for the long-term growth of China and the Internet. Investors are understandably in awe of the story and frothing at the mouth to buy shares. Our own quick and dirty Intrinsic Value (IV) model suggests a share price of $124, well above the current $67 mid-point of the range.

China is a much larger and more rapidly developing market for online commerce than the US . . .

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