In a report published Wednesday, Piper Jaffray & Co. reiterated its Overweight rating on Baidu.comBIDU
, but lowered its price target from $193.00 to $146.00. Piper Jaffray noted, “The bottom line is that we remain positive on shares of BIDU. We are adjusting our CY13 estimates to reflect the consolidation of QiYi, which will likely be a net negative to BIDU's earnings. While BIDU shares pulled back through the second half of 2012 due to new competition from Qihoo, a softening Chinese economy, and, to a lesser extent, regulatory concerns about broader China, we believe that the growth profile and valuation remain attractive despite our adjustments today. We continue to view BIDU as the highest quality Internet play in China. We reiterate our Overweight rating with a new price target of $146 ($193 prior) to reflect the adjustments to our model.” Baidu.com closed on Monday at $100.29.
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