UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Baidu on Positive Outlook

In a report published Thursday, Morgan Stanley analyst Philip Wan reiterated an Overweight rating on

, but removed the $251.60 price target. In the report, Morgan Stanley noted, “Baidu highlighted its new mobile initiatives including Baidu Connect, rich media search, and the development of artificial intelligence. While Baidu will continue to invest aggressively in the near-term, we expect improving mobile monetization should bring operating leverage. Reiterate OW.” Baidu closed on Wednesday at $227.45.