Deutsche Bank Downgrades Baidu (BIDU) to Hold
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Price: $96.45 +2.73%
Rating Summary:
8 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
8 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade BIDU Now!
Intra-day, Deutsche Bank downgraded Baidu (NASDAQ: BIDU) from Buy to Hold with a price target of $137.00 (from $186.00), citing the landscape shift.
The firm comments, "Our channel checks suggest Baidu lost 4-8 percentage points search traffic market share to Qihoo (Nasdaq: QIHU), which launched its search engine solution on Aug 16, 2012. We expect Baidu to continue to lose traffic share to Qihoo in the next 2 quarters before Qihoo's traffic share likely stablizes at 15-18%. We estimate revenue and EPS impact to be 6% and 9% in 2013. We cut our 2013 and 2014 EPS by 9% and 10%. Our 2013 EPS is 10% below consensus."
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 $122.80 yesterday, with a 52 week range of $99.71-$154.15.
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The firm comments, "Our channel checks suggest Baidu lost 4-8 percentage points search traffic market share to Qihoo (Nasdaq: QIHU), which launched its search engine solution on Aug 16, 2012. We expect Baidu to continue to lose traffic share to Qihoo in the next 2 quarters before Qihoo's traffic share likely stablizes at 15-18%. We estimate revenue and EPS impact to be 6% and 9% in 2013. We cut our 2013 and 2014 EPS by 9% and 10%. Our 2013 EPS is 10% below consensus."
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 $122.80 yesterday, with a 52 week range of $99.71-$154.15.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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