UPDATE: JG Capital Initiates Baidu.com at Overweight

JG Capital has published a research report on Baidu.com

and initiated coverage with an Overweight rating and $121 price target. In the report, JG Capital wrote, "Baidu, Inc. (BIDU) is the most popular Chinese language Internet search provider and is also the most visited Chinese website with a market share of 79% in Q2 FY12 and active customers of over 390,000. Baidu has the best search technology in China, which is difficult to replicate because of the intricacies of the Chinese language. Baidu is more advanced in China than Yahoo (YHOO; N/R) and Google (GOOG; N/R). For example, GOOG tried to localize its service, but failed to adapt to the China business culture and decided to pull out of China in 2010. After GOOG left China, BIDU successfully established itself as the #1 player in the China search market." Baidu.com closed Wednesday at $88.12