UPDATE: HSBC Global Research Reiterates on Baidu on Upside Surprise to Growth Momentum

In a report published Wednesday, HSBC Global Research analyst Chi Tsang reiterated an Overweight rating on

, and raised the price target from $166.00 to $200.00. In the report, HSBC Global Research noted, “3Q results beat expectations slightly, with non-GAAP EPS of USD1.48, 2 cents higher than consensus. Revenue beat consensus by 1% but margins were line with the Street expectations. More importantly, the company guides 4Q revenue to grow 48-50% y-o-y and 4-7% q-o-q vs. the Street forecasts of up 2% q-o-q and 41% y-o-y. Our estimate was a 44% y-o-y revenue growth.” Baidu closed on Tuesday at $159.41.