UPDATE: Stifel Nicolaus Raising Price Target On Baidu

Stifel Nicolaus is out with a research report on Baidu (NASDAQ: BIDU) and is raising its price target to $190 from $172 after it reported earnings. It has a Buy rating on shares.

In a note to clients, Stifel Nicolaus writes, "We maintain our Buy rating on the shares of Baidu with a revised target price of $190 per share, which is in line with the valuation derived from our DCF analysis and equates to an enterprise value multiple of 34.7x our 2012 adjusted EBITDA estimate of $1.9 billion. We continue to believe that Baidu is one of the leading Internet franchises in China with dominate market share and considerable growth prospects going"

Shares of BIDU are up $10.21 in pre-market trading to $166.75.