Nomura Securities Maintains a 'Buy' on Baidu (BIDU); Meeting With Management

June 13, 2012 8:51 AM EDT
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Price: $176.09 --0%

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Nomura Securities maintains a 'Buy' on Baidu (NASDAQ: BIDU) price target of $190.00.

Analyst, Jin Yoon, said, "We met with Baidu’s management to discuss recent company developments. Highlights: Management expects traffic acquisition costs (TAC) to increase, mainly owing to the growth of contextual ads; Management noted that the relatively soft 2Q12 guidance of 56.2-59.9% y-y growth is largely due to tough comps in 2Q11; For the full year, management expects top-line growth drivers to follow the pattern seen in the past two years; The sequential decrease in ARPU, or revenue per customer, is largely owing to the normalized spending of large customers as compared to 4Q11; Baidu’s market share in mobile search is roughly 50%, as measured by the number of clicks."

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 $117.94 yesterday.

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