UPDATE: Barclays Lowers Baidu.com's PT
According to a research report published this morning, Barclays has decreased Baidu.com's (NASDAQ: BIDU) PT from $190 to $187.
Barclays commented in the report, "Baidu delivered an in-line 1Q result, but guided 2Q below expectation, which is the reason we believe the shares fell >9% after market close. We view the guidance as conservative, given: 1) a slow start in April; 2) a higher base and tougher y/y comp; and 3) budgets from large customers shifting slightly to 2H. We revise our forecasts to reflect the latest outlook and adjust our PT to US$187 (from US$190), based on 30x (42x previously), rolling forward to 2013E non-GAAP EPADS of US$6.22. The shares currently trade at 30x 2012E and 22x 2013E earnings, which we view as attractive. We continue to see Baidu as a core Internet holding, and view any weakness in the share price as an opportunity to be constructive."
Barclays maintains its Overweight rating on Baidu.com, which closed yesterday at $135.83.
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