Baidu, Inc. BIDU shares are trading higher Wednesday. The company reported upbeat third-quarter financial results Tuesday, and several analysts have updated their coverage on the stock.
What To Know:
Baidu reported $4.72 billion in third-quarter sales and quarterly earnings of $2.80 per share, beating the consensus estimate of $2.32 per share and representing an increase of 18.14% over the same period last year.
Several analysts have updated coverage on Baidu following the earnings report:
- Nomura Instinet analyst Jialong Shi upgraded Baidu from Neutral to Buy and announced a $145 price target.
- Benchmark analyst Fawne Jiang reiterated Baidu with a Buy and maintained a $210 price target.
- Goldman Sachs analyst Lincoln Kong maintained Baidu with a Buy and lowered the price target from $181 to $174.
BIDU shares are moving on heavy volume Wednesday. According to data from Benzinga Pro, more than 4 million shares have been traded in the session, surpassing the stock's 100-day average volume of 2.282 million shares.
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BIDU Price Action: According to Benzinga Pro, Baidu shares up 6% at $120.63 at the time of publication.
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