Citigroup Reiterates Sell Rating, $95.10 PT on Baidu.com
In a report published Wednesday, Citigroup reiterated its Sell rating and $95.10 price target on Baidu.com (NASDAQ: BIDU).
Citigroup noted, “Witnessing Qihoo's monetization in search and its alliance with Google Adwords, we reiterate our Sell rating of Baidu at TP of $95.1 due to its weakening fundamentals in 2013 and increasing competitive landscape in PC search in China. We recommend long-only investors to sell Baidu on the recent stock price rebound and wait at least for 2-3 quarters to see if Baidu can solidify its stronghold in PC search and offset weakness in the mobile field by leveraging its monopolistic position in search.”
Baidu.com closed on Monday at $100.29.
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