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Citigroup Sets Price Target On Baidu

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In a note dated July 24, Citigroup analyst Thomas Chong assumed coverage on Baidu (NASDAQ: BIDU) by reiterating a Buy rating and setting a $245 price target.

Chong believes the company is in a good position to capture mobile internet opportunities through search, app distribution and location based services.

"With Mobile traffic heading toward 50 percent of total traffic in 2014 and the success of its integrated bidding system in both PC and mobile search, we believe Baidu is extending its search leadership to mobile internet," Chong commented.

Shares of Baidu are up over nine percent to ~$223.25 as the Street continues to digest Thursday's earnings release.

Latest Ratings for BIDU

DateFirmActionFromTo
May 2015JP MorganDowngradesOverweightNeutral
May 2015T.H. CapitalUpgradesHoldBuy
May 2015CICCDowngradesBuyHold

View More Analyst Ratings for BIDU
View the Latest Analyst Ratings

Posted-In: Citigroup Thomas ChongAnalyst Color News Price Target Reiteration Analyst Ratings

 

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