Citigroup Upgrades Baidu.com (BIDU) Two-Notches To Buy
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Citigroup upgrades Baidu.com (Nasdaq: BIDU) two notches from Sell to Buy and raised its price target from $110 to $181, saying the company's traffic rebound has continued to improve and has been stronger than expected.
In its upgraded the firm said, "we believe Baidu's traffic rebound post-CNY in Feb has continued to improve weekly and has been stronger than expected, based on our latest channel checks. Although Baidu had noted on its 4Q call an improvement in traffic and advertiser sentiment post-CNY, the company nonetheless provided weaker-than-expected 1Q guidance, implying a 20%+ QoQ decline. We now believe this guidance reflected natural conservatism mid-quarter, and that Baidu will likely exceed 1Q expectations, thus creating a near-term positive catalyst which was lacking previously."
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