Citigroup Sets Price Target On Baidu
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
|Oct 2015||Piper Jaffray||Maintains||Overweight|
|Oct 2015||Daiwa Securities||Downgrades||Underperform|
|Sep 2015||Summit Research||Downgrades||Buy||Hold|
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