UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Baidu on Improved Margin Outlook

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

, and raised the price target from $251.60 to $275.20. In the report, Morgan Stanley noted, “Baidu delivered another solid quarter with better margins. Mobile continues to make progress, with traffic surpassing PC at more than one-third of total revenue. We expect margin expansion on operating leverage in 2015. Reiterate OW.” Baidu closed on Wednesday at $275.20.