Piper Jaffray Boosts Price Target on Baidu.com (BIDU) Citing China Domain Name Growth
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Piper Jaffray significantly raised their price target on Baidu.com, Inc. (Nasdaq: BIDU) from $250 to $340, reiterating their Buy rating, citing China domain name growth. Piper now has the second highest price target on the Street.
Piper Jaffray analyst Gene Munster said China's domain name growth of 41% suggests more search buyers are entering the market. Munster said, "We believe Baidu's current 185K advertisers is the tip of the iceberg of China's 40 million (source: Chinanews.cn) small and medium enterprise (SMEs) addressable advertiser market."
Munster also has increased confidence that the June quarter is tracking to plan.
For more analyst ratings on BIDU click here.
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