Baidu (NASDAQ:BIDU) Receives New Coverage from Analysts at JPMorgan Chase & Co.

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JPMorgan Chase & Co. started coverage on shares of Baidu (NASDAQ:BIDU) in a research report sent to investors on Wednesday morning, Briefing.com Automated Import reports. The firm issued an overweight rating on the information services provider’s stock.

Several other research analysts also recently commented on BIDU. Benchmark dropped their target price on shares of Baidu from $245.00 to $180.00 and set a buy rating on the stock in a report on Friday, May 17th. Macquarie set a $131.00 target price on shares of Baidu and gave the stock a hold rating in a report on Thursday, July 4th. Zacks Investment Research downgraded shares of GenMark Diagnostics from a hold rating to a sell rating in a report on Wednesday, April 24th. UBS Group reiterated a hold rating and issued a $145.00 target price on shares of Baidu in a report on Friday, July 5th. Finally, KeyCorp lifted their target price on shares of Terreno Realty from $49.00 to $52.00 and gave the stock an overweight rating in a report on Wednesday. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $178.17.

Shares of BIDU opened at $114.90 on Wednesday. The company has a market cap of $40.09 billion, a P/E ratio of 14.73, a PEG ratio of 6.19 and a beta of 1.64. Baidu has a one year low of $106.80 and a one year high of $274.00. The company has a quick ratio of 2.76, a current ratio of 2.76 and a debt-to-equity ratio of 0.34. The stock has a fifty day moving average price of $114.22.

Baidu declared that its board has initiated a stock repurchase program on Thursday, May 16th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 1.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Several large investors have recently bought and sold shares of the company. Ridgewood Investments LLC bought a new stake in Baidu in the second quarter valued at about $241,000. Xact Kapitalforvaltning AB boosted its position in Baidu by 14.6% in the second quarter. Xact Kapitalforvaltning AB now owns 55,601 shares of the information services provider’s stock valued at $6,525,000 after buying an additional 7,100 shares in the last quarter. Exane Derivatives acquired a new position in Baidu in the second quarter valued at about $658,000. Hexavest Inc. boosted its position in Baidu by 9.7% in the second quarter. Hexavest Inc. now owns 31,931 shares of the information services provider’s stock valued at $3,747,000 after buying an additional 2,827 shares in the last quarter. Finally, DAVENPORT & Co LLC boosted its position in Baidu by 83.7% in the second quarter. DAVENPORT & Co LLC now owns 3,543 shares of the information services provider’s stock valued at $416,000 after buying an additional 1,614 shares in the last quarter. Institutional investors own 59.51% of the company’s stock.

About Baidu

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 its other properties and Union partners; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Haokan, a short video app; and Quanmin, a flash video app for users to create and share short videos.

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Analyst Recommendations for Baidu (NASDAQ:BIDU)

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