Baidu (BIDU) Downgraded by Zacks Investment Research
Baidu (NASDAQ:BIDU) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “Baidu, Inc., formerly Baidu.com, Inc. is a Chinese-language Internet search provider and is based in Beijing, the People’s Republic of China.The company offers a Chinese language search platform and conducts its operations principally through Baidu Online Network Technology Co., Ltd. , a network of third-party Web sites and software applications. Further, the company offers Japanese search services, including Web search, image search, video search, and blog search capabilities. It also offers online marketing services to its customers directly and through other distribution networks. “
Other equities research analysts have also issued research reports about the stock. Wells Fargo reiterated an “outperform” rating and issued a $300.00 price objective (up previously from $290.00) on shares of Baidu in a research note on Wednesday, February 14th. Deutsche Bank assumed coverage on shares of Baidu in a research report on Thursday, March 15th. They set a “buy” rating and a $319.00 target price for the company. KeyCorp assumed coverage on shares of Baidu in a research report on Thursday, April 5th. They set a “sector weight” rating for the company. Daiwa Capital Markets raised shares of Baidu from a “hold” rating to an “outperform” rating in a research report on Wednesday, February 14th. Finally, Morgan Stanley raised shares of Baidu from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $225.60 to $280.00 in a research report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $260.01.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in BIDU. Atlantic Trust Group LLC bought a new position in Baidu in the 3rd quarter worth approximately $2,033,000. Prudential Financial Inc. boosted its holdings in Baidu by 37.0% in the 3rd quarter. Prudential Financial Inc. now owns 215,617 shares of the information services provider’s stock worth $53,406,000 after buying an additional 58,230 shares during the period. DnB Asset Management AS boosted its holdings in Baidu by 18.1% in the 4th quarter. DnB Asset Management AS now owns 360,522 shares of the information services provider’s stock worth $84,438,000 after buying an additional 55,267 shares during the period. KCS Wealth Advisory bought a new position in Baidu in the 4th quarter worth approximately $737,000. Finally, Atria Investments LLC boosted its holdings in Baidu by 48.7% in the 4th quarter. Atria Investments LLC now owns 3,989 shares of the information services provider’s stock worth $934,000 after buying an additional 1,306 shares during the period. 63.17% of the stock is owned by institutional investors.
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Baidu Company Profile
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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