UPDATE: Barclays Raised its PT on Baidu from $187 to $189

Barclays maintained an Overweight rating on Baidu

and raised its price target from $187 to $189. Barclays noted, “Baidu, once again proves that its growth prospect remain intact, especially with upside growth opportunity coming from the long-tail small-medium enterprises (SMEs). Management reaffirms the importance of investing in mobile and cloud services and continues to note it is still too early for monetization of mobile, due to lack of good apps and content. As we previously highlighted, contextual ads ramp and future mobile monetization are two growth drivers Baidu has yet to fully exploit.” Baidu closed at $107.10 on Monday.