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Technology Stocks : Baidu (BIDU)

BIDU 123.61

-0.2%

10:56 AM EST

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To: manalagi who wrote (1420)	10/22/2010 9:45:51 AM
From: manalagi	Read Replies (1) of 2098

Baidu.com Inc Reports Earnings, Stock Rockets LOS ANGELES, CA., Oct. 22 (TOTI) -- Baidu.com Inc (NASDAQ:BIDU) has had its target price raised to $111 from $102 by RBC Capital, after the Chinese search giant reported earnings. RBC Capital believes that Baidu executed well last quarter. The firm also thinks BIDU is still the main beneficiary of growth catalysts in Chinese online and search advertising. The firm maintains an Outperform rating on the stock and would use pullbacks to build or add to positions. BIDU shares are up sharply on the news in the pre-market. Right now shares are trading for $107.60 per share, before open. That's an increase of $5.12 per share from last evening's closing price. Baidu.com has been coming into its own in 2010, and has posted two very solid quarters of earnings growth. Analysts expect that trend to continue, especially now that Google, Inc's withdrawal from the Chinese search market is complete. Recent reports have shown that Baidu is the main recipient of Google leaving China. Baidu reported Q3 EPS of 46 cents a share. That number came in well ahead of analyst estimates of 41 cents. The company reported Q3 revenue of $337.2 million. That also beat the consensus of $333.26 million. If there's one way to make investors and Wall Street happy, it's to beat your estimates for both earnings and top line growth. Baidu has done that. Today happy Baidu stock investors will reap the rewards of the company's outstanding results. Piper Jaffray got in on the act and upgraded Baidu to Overweight from Neutral. Piper Jaffray upgraded Baidu following the company's better than expected Q3 results and raised its price target for shares to $139 from $81 per share. ThinkEquity also responded positively to the earnings report. They raised the Baidu price target to $130 from $115. ThinkEquity raised Baidu's price target to $130 citing the strong Q3 results. Shares are Buy rated at that firm. All in all it's a great start to the day for Baidu. Copyright 2007-2010 by Times of the Internet. All Rights Reserved. timesoftheinternet.com

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