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Baidu (NASDAQ:BIDU) was upgraded by research analysts at Goldman Sachs from a “neutral” rating to a “buy” rating in a report released on Monday, TheFlyOnTheWall.com reports. The firm currently has a $220.00 price objective on the stock. Goldman Sachs’ price objective suggests a potential upside of 27.42% from the stock’s previous close.

The analysts wrote, “leading position in map services and location-based technology” as a source of opportunity. Mubayi cited CNIT-Research, which recently uncovered Baidu Map has a 54 percent share of the mobile user traffic in October 2013, 2.5 times the share of its closest competitor AutoNavi. The possibilities expand “beyond the traditional navigational features, becoming a comprehensive information platform that covers users’ daily needs for dining, shopping, and transportation services,”

Shares of Baidu (NASDAQ:BIDU) traded up 0.29% on Monday, hitting $173.16. The stock had a trading volume of 1,552,974 shares. Baidu has a 1-year low of $82.98 and a 1-year high of $185.50. The stock’s 50-day moving average is $167.6 and its 200-day moving average is $157.3. The company has a market cap of $60.596 billion and a P/E ratio of 36.06.

Other equities research analysts have also recently issued reports about the stock. Analysts at Daiwa Capital Markets initiated coverage on shares of Baidu in a research note on Thursday. They set a “buy” rating and a $210.00 price target on the stock. Separately, analysts at TheStreet reiterated a “buy” rating on shares of Baidu in a research note on Tuesday, February 18th. Finally, analysts at TheStreet reiterated a “buy” rating on shares of Baidu in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $188.96.

Baidu, Inc (NASDAQ:BIDU) is a Chinese-language Internet search provider.

The Fly On The Wall

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