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Equities researchers at Bank of America Corp. boosted their price target on shares of (NASDAQ:BIDU) from $158.00 to $177.00 in a research report issued on Wednesday, Stock Ratings Network reports. The firm currently has a “buy” rating on the stock. Bank of America Corp.’s target price would suggest a potential upside of 11.57% from the stock’s previous close.

The analysts wrote, “In our meeting with Baidu last week, the company indicated their confidence in the new advertiser-facing keyword bidding system, launched in 2Q13, to drive mobile revenue. The system enforces a minimal keyword bid price for mobile traffic, which is set at 10% of the bid price for the same keyword on PC. Hence, advertisers will have a chance to obtain an ad listing on mobile of any keyword they intend to buy on PC. They believe this can better induce advertisers to test the water on mobile. Management has seen no major pushback from advertisers and over 50% of their clients are already setting up a mobile landing page. Such progress provides support to our view that mobile should account for 22%/ 30% of search sales in 2014E/ 15E (Table 1), and an increase in estimated mid-term op income growth to a 14% 2014-17E CAGR from 11%.” (NASDAQ:BIDU) traded up 0.72% on Wednesday, hitting $159.79. The stock had a trading volume of 2,119,946 shares. has a 52 week low of $82.98 and a 52 week high of $158.76. The stock’s 50-day moving average is $142.0 and its 200-day moving average is $109.. The company has a market cap of $55.890 billion and a price-to-earnings ratio of 33.17. (NASDAQ:BIDU) last posted its quarterly earnings results on Wednesday, July 24th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.05. The company had revenue of $1.23 billion for the quarter, compared to the consensus estimate of $1.20 billion. During the same quarter in the previous year, the company posted $1.24 earnings per share. The company’s revenue for the quarter was up 43.6% on a year-over-year basis. On average, analysts predict that will post $5.00 earnings per share for the current fiscal year.

A number of other analysts have also recently weighed in on BIDU. Analysts at TheStreet reiterated a “buy” rating on shares of (NASDAQ:BIDU) in a research note to investors on Thursday, September 26th. Separately, analysts at Credit Suisse initiated coverage on shares of (NASDAQ:BIDU) in a research note to investors on Thursday, September 26th. They set an “outperform” rating and a $180.00 price target on the stock. Finally, analysts at Pacific Crest raised their price target on shares of (NASDAQ:BIDU) from $157.00 to $163.00 in a research note to investors on Wednesday, September 18th. They now have an “outperform” rating on the stock. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seventeen have issued a buy rating to the company. presently has an average rating of “Buy” and an average price target of $145.31.

Baidu, Inc operates as a Chinese language Internet search provider for web pages, audio files, news, images and multimedia through links provided on their website.

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