Why Baidu Stock Zoomed 11% Higher Today
Chinese internet search king (NASDAQ: BIDU) was looking very regal on Wednesday, at least as far as its U.S.-listed equity was concerned. The company's American depositary receipts (ADRs) shot more than 11% higher in price on the back of two successive, bullish analyst updates in as many days. That double-digit gain came during a trading session when the S 500 index fell by 0.1%.
Well before market open, Jefferies' Thomas Chong upped his price target on Baidu substantially. He now believes the company's ADRs could rise to $157 per ADR, where before he thought their ceiling was $108. In making the change, he maintained his buy recommendation on the company.
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Source Fool.com
Baidu Inc. A ADR Stock
€106.20
-3.450%
The stock is one of the favorites of our community with 24 Buy predictions and 2 Sell predictions.
As a result the target price of 121 € shows a slightly positive potential of 13.94% compared to the current price of 106.2 € for Baidu Inc. A ADR.
