Brean Murray Carret & Co. is Assuming Coverage on Baidu (BIDU) at Buy, Price Target $170

Brean Murray Carret & Co. is assuming coverage on shares of Baidu (NASDAQ: BIDU) with a Buy rating and $170 price target following the company solid Q1 earnings and Strong Q2 guidance.

The company reported its Q1 results with revenue of $372 million and EPS of $0.48, which was well ahead of the consensus at $367 million and $0.45. The firm believes that with BIDU's robust revenue growth momentum, operating margins should expand once again as the company takes advantage of its operating leverage.

For Q2 BIDU guided total revenue to 33-36% sequential growth which is above the consensus of 32%. The firms current Q2 EPS and FY11 estimates are $0.68 and $2.70. Its FY12 EPS estimate is $4.21.

For more ratings news on Baidu click here and for the rating history of Baidu click here.

Shares of Baidu closed at $151.11 yesterday.

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