HSBC Sets Baidu at "Buy," Boosts Price Target
Baidu Inc. (Nasdaq: BIDU) enjoyed a price target boost from HSBC from $137 to $141 per American depositary share.
Binnie Wang, HSBC analyst said that Baidu has been navigating through macroeconomic headwinds and competition at its core search business, but expects an inflection point next year, as reported by the fly.com. She gave the giant a "buy" rating and said that Baidu's earlier investments will start bearing fruit shortly.
The search engine giant posted higher-than-expected revenue for the second quarter on Monday and announced that it has launched cloud services in Singapore to offer support to local businesses and international Chinese enterprises.
Shares in Baidu were trading at $105.35, down 2 percent, intraday Thursday.