Brean Murray Carret Raises Price Target on Baidu (BIDU) to $200, Sees Upside in Q4 Results and Q1 Guidance

Brean Murray Carret & Co. is reiterating its Buy rating on shares of Baidu (NASDAQ: BIDU), while lifting its price target from $185 to $200.

The firm forecasts Q4 results will top expectations with stronger than expected sales driving the upside.

The company has been labeled as the firm's best risk-reward pick for China online advertising in 2012 as they believe it offers the largest growth outlook among its peers. Brean Murray anticipates Q1 guidance will be stronger than the Street is forecasting.

An analyst at Brean Murray comments, "we view travel as the highlight of 2012 for BIDU with certain advertisers having indicated plans to double their ad budget with the company."

For Q4 and FY11, the firm is forecasting EPS of $0.88 and $2.96, versus the consensus of $0.91 and $2.95. Brean Murray now predicts earnings of $4.88 and $7.05 per share for FY12 and FY13.

For an analyst ratings summary and ratings history on Baidu click here. For more ratings news on Baidu click here.

Shares of Baidu closed at $136.59 yesterday, with a 52 week range of $100.95-$165.96.

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