A week and a half after Chinese search engine Baidu (BIDU) beat Q2 sales and profit estimates, and forecast above consensus, UBS Securities analyst Wenlin Li today raised the stock’s rating to “Neutral” from “Sell” and more than doubled its price target on the stock to $380 from $150.
Li’s upgrade follows numerous price target increases, with the highest I’ve seen being Asia-based brokerage CLSA Asia-Pacific Markets’s $430 price target.
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