Baidu Shares Outperforming Modestly as Pacific Crest Boosted Target to $163
Pacific Crest's Cheng Cheng raised his price target on shares of Baidu (NASDAQ: BIDU) from $157 to $163 while maintaining an Outperform rating.
Cheng was involved in recent meetings with management which caused him to have "increased confidence that Baidu will be a mobile share consolidator." Baidu remains one of the most favorably positioned companies in the Chinese internet space, according to the Pacific Crest analyst.
Cheng noted the recent investment made by Tencent in Sohu's (NASDAQ: SOHU) Sogou, and said this will not be a "major concern" for Baidu.
With Baidu shares up around 0.3 percent to $144.27 at last check, Cheng's new price target implies potential upside of about 13 percent.
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