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Baidu Spikes as Goldman Turns Bullish

in News on December 16, 2008 at 11:07 am PT

Shares in Baidu, the Chinese search engine, have jumped today after Goldman Sachs analyst James Mitchell raised his rating on the stock, while maintaining his recently reduced price target. Mitchell offers a variety of reasons for his more bullish stance–not the least of which is his estimation of a 30 percent yearly increase in search spending in China for the next several years.