Market Overview

UPDATE: Piper Jaffray Reiterates Overweight Rating, Lowers PT on Baidu.com

Share:
Related BIDU
2 Internet ETFs Flexing Their Muscles
Stephen Mandel's Lone Pine Capital Loves Tech, Consumer Stocks
Investment Ban Hobbles Ant, New Thinking Needed (Seeking Alpha)

In a report published Wednesday, Piper Jaffray & Co. reiterated its Overweight rating on Baidu.com (NASDAQ: BIDU), but lowered its price target from $193.00 to $146.00.

Piper Jaffray noted, “The bottom line is that we remain positive on shares of BIDU. We are adjusting our CY13 estimates to reflect the consolidation of QiYi, which will likely be a net negative to BIDU's earnings. While BIDU shares pulled back through the second half of 2012 due to new competition from Qihoo, a softening Chinese economy, and, to a lesser extent, regulatory concerns about broader China, we believe that the growth profile and valuation remain attractive despite our adjustments today. We continue to view BIDU as the highest quality Internet play in China. We reiterate our Overweight rating with a new price target of $146 ($193 prior) to reflect the adjustments to our model.”

Baidu.com closed on Monday at $100.29.

Latest Ratings for BIDU

DateFirmActionFromTo
Feb 2015OppenheimerMaintainsOutperform
Feb 2015Stifel NicolausDowngradesBuyHold
Feb 2015JefferiesMaintainsBuy

View More Analyst Ratings for BIDU
View the Latest Analyst Ratings

Posted-In: Piper Jaffray & Co.Analyst Color Price Target Analyst Ratings

 

Related Articles (BIDU)

Around the Web, We're Loving...

Get Benzinga's Newsletters

Our Experts vs. S&P 500Powered by Benzinga
Marketfy Products Return S&P 500
Morning Profit Maker 42.72% 6.69%
The Option Prophet 91.14% 6.69%
SecretCaps 26.55% 6.69%
Short-Term Trend Trading 11.89% 6.69%
View the highest rated products→