Oppenheimer Updates on Baidu Before Second Half
Oppenheimer has published a report on Baidu.com (NASDAQ: BIDU) before the second half of the fiscal year.
In the report, Oppenheimer wrote, "BIDU reported 2Q11 revenues of $528M and non-GAAP EPS of $0.74, significantly above our and consensus estimates. Strong revenue growth was mainly driven by traffic growth and higher ARPU. BIDU was confident that it can maintain its solid growth trajectory, guiding to 3Q revenues of RMB 3.95-4.05B ($611-627M), relative to our prior estimate of $565M and the consensus estimate of $572M. We are raising our sales and EPS estimates to reflect BIDU's current business momentum and better-than-expected margin improvement in the quarter. We are incrementally more positive on the stock given its strong execution and growth momentum, despite tough y/y comparisons and macro uncertainties in China."
Oppenheimer rated Baidu.com a Perform with no price target given. Baidu.com closed Monday at $156.54.
