Baidu (BIDU) Price Target Cut to $265.00 by Analysts at Citigroup

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Baidu (NASDAQ:BIDU) had its price objective cut by Citigroup from $295.00 to $265.00 in a report issued on Friday morning, The Fly reports. They currently have an outperform rating on the information services provider’s stock. The analysts noted that the move was a valuation call.

A number of other brokerages have also issued reports on BIDU. Zacks Investment Research lowered shares of Baidu from a hold rating to a sell rating in a research note on Monday, October 8th. Deutsche Bank set a $337.00 price target on shares of Baidu and gave the stock a buy rating in a research note on Wednesday, August 1st. BidaskClub lowered shares of Baidu from a hold rating to a sell rating in a research note on Friday, August 3rd. KeyCorp set a $297.00 target price on shares of Baidu and gave the stock a buy rating in a research report on Wednesday, August 1st. Finally, BNP Paribas assumed coverage on shares of Baidu in a research report on Thursday, June 14th. They set a buy rating on the stock. Three analysts have rated the stock with a sell rating, five have issued a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $292.95.

Shares of Baidu stock traded up $6.36 on Friday, reaching $204.36. 3,874,279 shares of the stock were exchanged, compared to its average volume of 3,308,830. Baidu has a 1-year low of $189.00 and a 1-year high of $284.22. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.25. The firm has a market cap of $79.30 billion, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 0.97 and a beta of 1.49.

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

Several hedge funds have recently added to or reduced their stakes in BIDU. Federated Investors Inc. PA acquired a new stake in shares of Baidu in the second quarter valued at approximately $108,000. Flagship Harbor Advisors LLC acquired a new stake in shares of Baidu in the second quarter valued at approximately $119,000. Bartlett & Co. LLC grew its position in shares of Baidu by 71.0% in the second quarter. Bartlett & Co. LLC now owns 530 shares of the information services provider’s stock valued at $129,000 after purchasing an additional 220 shares during the last quarter. Centaurus Financial Inc. acquired a new stake in shares of Baidu in the second quarter valued at approximately $150,000. Finally, CENTRAL TRUST Co grew its position in shares of Baidu by 116.0% in the third quarter. CENTRAL TRUST Co now owns 741 shares of the information services provider’s stock valued at $170,000 after purchasing an additional 398 shares during the last quarter. Institutional investors and hedge funds own 61.32% of the company’s stock.

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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