UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Baidu Following Management Meeting

In a report published Friday, Jefferies analyst Cynthia Meng reiterated a Hold rating on

, and raised the price target from $121.00 to $153.00. In the report, Jefferies noted, “On day two of Jefferies China TMT tour, we met with Baidu mgmt, and several top search agents. Advertisers are allocating incremental mobile ad budget as traffic shifts. Our channel checks point to potential budget going to Qihu for higher ROI. IQiyi mobile video traffic has recently surpassed PC. We revise up FY14/FY15 revenue est. by 3.6%/5.5% given better than expected mobile search monetization. Reiterate Hold; revise PT up to USD153 on 25x FY14 PE.” Baidu closed on Thursday at $147.31.