UPDATE: Goldman Sachs Upgrades Baidu to Buy

On Monday, Goldman Sachs upgraded Baidu, Inc.

from Neutral to Buy. Piyush Mubayi, analyst at Goldman, highlighted Baidu's “leading position in map services and location-based technology” as a source of opportunity. Mubayi cited CNIT-Research, which recently uncovered Baidu Map has a 54 percent share of the mobile user traffic in October 2013, 2.5 times the share of its closest competitor AutoNavi. The possibilities expand “beyond the traditional navigational features, becoming a comprehensive information platform that covers users' daily needs for dining, shopping, and transportation services,” said Mubayi. After opening at $175.53, up 1.6 percent from Friday's close, shares have given back about three dollars in gains. The stock last traded at $172.64, down about two pennies for the session.