Collins Stewart Reiterates a 'Buy' on Baidu (BIDU); Strong Beat and Guidance - Raising Estimates & PT; Sector Top Pick

Collins Stewart reiterates a 'Buy' on Baidu (NASDAQ: BIDU) price target raised from $205 to $215.

Collins analyst says, "We are increasing 4Q revenues by 8% but keeping PF EPS the same given Qiyi investment. We are raising 2012 revenue and PF EPS by 5%. Our price target of $215 is based on 45x our new C2012 PF EPS of $4.78 or a 0.9x PEG and implies a 45% upside from after-hours price. Reiterate BUY, due to strong growth prospects from China search market growth, share gains, upside to estimates from non-search initiatives and Google's potential complete exit from China."

For more ratings news on Baidu click here and for the rating history of Baidu click here.

Shares of Baidu closed at $138.39 yesterday.

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