Goldman Sachs Removed Baidu.com (BIDU) from its Conviction Buy List, But Raises Tgt to 'Street High' $500/Sh
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Goldman Sachs removed Baidu.com (Nasdaq: BIDU) from its Conviction Buy List, citing recent price performance. The firm maintained their Buy rating and raised their 6-month price target from $435 to $500, which represents 13% potential upside.
The firm notes Baidu stock has risen 274% since they added it to the Conviction Buy List on December 15, 2008, versus the S&P 500 up 28%, and 229% over the last 12 months, versus the S&P 500 up 31%.
The firm is still positive on the Baidu citing "better China advertising trends, US and China internet peer re-rating, and our belief that paid leads and revenue per click can both double over several years, while customer adds can accelerate toward Alibaba.com's levels."
The firm's $500 price target is still the "street high."
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