Qihoo (QIHU) Making Waves Again in Baidu's (BIDU) Pool - Analyst
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Price: $96.76 -1.27%
Rating Summary:
8 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 1
Rating Summary:
8 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 1
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After a slight reprieve, Baidu (NASDAQ: BIDU) appears to be having trouble again in the search engine space from new entrant Qihoo (NASDAQ: QIHU).
In an alert to clients mid-day Tuesday, analysts at Deutsche Bank said their recent round of channel checks suggests that Qihoo's search share increased slightly (1-2pp) since their last round of channel checks on Aug 27.
"We found Qihoo's traffic share gain mostly coming at the expense of Baidu," the analyst comments. "We estimate Baidu and Qihoo's market share to be 75-80% and 5-10% respectively vs. 80-85% and 0% prior to Qihoo's search engine launch. Although Qihoo gained search traffic share across a broad range of websites, its traffic share remained slightly below the first peak on 21 Aug among 40% of our surveyed websites. We attribute the rebound in Qihoo's search share to the conversion of more Qihoo browser users to Qihoo's search engine."
Deutsche Bank maintained their Hold rating and price target of $137 on BIDU.
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 $113.31 yesterday, with a 52 week range of $99.71-$154.15.
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In an alert to clients mid-day Tuesday, analysts at Deutsche Bank said their recent round of channel checks suggests that Qihoo's search share increased slightly (1-2pp) since their last round of channel checks on Aug 27.
"We found Qihoo's traffic share gain mostly coming at the expense of Baidu," the analyst comments. "We estimate Baidu and Qihoo's market share to be 75-80% and 5-10% respectively vs. 80-85% and 0% prior to Qihoo's search engine launch. Although Qihoo gained search traffic share across a broad range of websites, its traffic share remained slightly below the first peak on 21 Aug among 40% of our surveyed websites. We attribute the rebound in Qihoo's search share to the conversion of more Qihoo browser users to Qihoo's search engine."
Deutsche Bank maintained their Hold rating and price target of $137 on BIDU.
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 $113.31 yesterday, with a 52 week range of $99.71-$154.15.
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