Baidu (BIDU) Given New $265.00 Price Target at Citigroup

Baidu (NASDAQ:BIDU) had its price objective cut by equities researchers at Citigroup from $295.00 to $265.00 in a report issued on Friday, The Fly reports. The brokerage presently has an “outperform” rating on the information services provider’s stock. Citigroup’s price objective suggests a potential upside of 29.67% from the stock’s previous close. The analysts noted that the move was a valuation call.

A number of other analysts have also recently issued reports on the company. Credit Suisse Group upgraded Baidu from a “neutral” rating to an “outperform” rating and set a $307.00 price objective on the stock in a research report on Monday, July 9th. Susquehanna Bancshares initiated coverage on Baidu in a research report on Friday, September 7th. They issued a “positive” rating and a $325.00 price target on the stock. BidaskClub cut Baidu from a “sell” rating to a “strong sell” rating in a research report on Friday, August 31st. ValuEngine cut Baidu from a “hold” rating to a “sell” rating in a research report on Thursday, September 6th. Finally, BNP Paribas initiated coverage on Baidu in a research report on Thursday, June 14th. They issued a “buy” rating on the stock. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $292.95.

Shares of BIDU traded up $6.36 on Friday, reaching $204.36. 3,874,279 shares of the stock traded hands, compared to its average volume of 3,308,830. The stock has a market cap of $79.30 billion, a PE ratio of 25.35, a P/E/G ratio of 0.97 and a beta of 1.49. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 0.25. Baidu has a 12 month low of $189.00 and a 12 month high of $284.22.

Baidu announced that its Board of Directors has authorized a share repurchase plan on Wednesday, June 27th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the information services provider to repurchase up to 1.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

A number of institutional investors have recently bought and sold shares of the business. Bartlett & Co. LLC boosted its stake in Baidu by 71.0% in the second quarter. Bartlett & Co. LLC now owns 530 shares of the information services provider’s stock worth $129,000 after purchasing an additional 220 shares in the last quarter. BB&T Securities LLC boosted its stake in Baidu by 0.6% in the second quarter. BB&T Securities LLC now owns 40,891 shares of the information services provider’s stock worth $9,936,000 after purchasing an additional 239 shares in the last quarter. Atria Investments LLC boosted its stake in Baidu by 4.5% in the third quarter. Atria Investments LLC now owns 6,211 shares of the information services provider’s stock worth $1,420,000 after purchasing an additional 267 shares in the last quarter. Deltec Asset Management LLC boosted its stake in Baidu by 19.4% in the second quarter. Deltec Asset Management LLC now owns 2,150 shares of the information services provider’s stock worth $522,000 after purchasing an additional 350 shares in the last quarter. Finally, Ausdal Financial Partners Inc. boosted its stake in Baidu by 30.0% in the second quarter. Ausdal Financial Partners Inc. now owns 1,559 shares of the information services provider’s stock worth $379,000 after purchasing an additional 360 shares in the last quarter. 61.32% of the stock is currently owned by institutional investors.

About Baidu

Baidu, Inc provides Internet search services in China and internationally. It operates through two segments, Baidu Core and iQIYI. The Baidu Core segment offers products for uses, including Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services through mobile browsers; Baidu Feed that provides users with personalized timeline to meet their personal interests reflected in their past online behaviors, such as search and browsing, and their demographics; and Bear Paw Account that enables verified brands and businesses to aggregate their content from Websites, wapsites, and open-platform apps.

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