Tuesday, April 22, 2008

Susquehanna out positive

As per the firm, "Near term, the upside is mainly driven
by monetization enhancement, though we prefer to see
traffic growth as a stronger factor. We note longer term
e-Commerce and Internet infrastructure are becoming more
favorable for Baidu's search business."

Price target upped from $315 to $375 and positive rating
maintained. [Editor's note: Susquehanna previously had a
policy of not providing price targets, seems they changed

Expects company guidance and consensus estimates to be
modestly over expectation. Customer acquisition in March
seen to be strong, indicating a good Q2.

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