Summit Research Starts Baidu (BIDU) at Buy

Summit Research initiates coverage on Baidu (NASDAQ: BIDU) with a Buy rating and a price target of $256.00.

Analyst Henry Guo commented, "We believe Baidu is well positioned in the China internet space; in particular on mobile, as Baidu is poised to take a more dominant position going forward, given its solid control of mobile traffic gateways, including mobile search, mobile map, and mobile apps distribution. Further, we are encouraged by the company’s progress on the O2O and LBS initiatives of recent years. We are initiating BIDU with a BUY rating and a PT of $256, which is based on a 25x P/E to our 2016 non-GAAP EPS estimates."

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 $207.87 yesterday.

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