UPDATE: Maxim Group Reiterates Baidu at Sell on Weak Margins
Maxim Group reiterated its Sell rating and $80.00 price target on Baidu (NASDAQ: BIDU) following Q4 results.
Maxim Group commented, "During the quarter, BIDU was able to grow the number of advertisers by 30.5% y/y (4.1% q/q) at the expense of revenue per advertiser, which grew 7.6% y/y but declined 3.1% q/q, the slowest growth ever in BIDU's reporting history. … Management also expects continued weak PC search market growth. This will likely result in BIDU increasingly relying on mobile search, which may have grown to a significant share of BIDU's search traffic but have not generated material revenue for BIDU to break out a separate line in income statement."
Baidu closed at $107.20 on Monday.
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