Thursday, October 23, 2008

Canaccord Adams maintains sell rating

Price target lowered from $265 to $190.

Canaccord analyst says, "We respect Baidu’s position
as a search leader in one of the most important global
markets, but concern that a slowing global macro may
spill into domestic activity in China – coupled with the
potential for downward estimate revisions for upcoming
historically weak MarchQ – causes us to lower our price
target. BIDU continues to trade at a premium valuation
to the group and while efforts to control costs to drive
EPS were effective in the SepQ, we expect that growth
investors may have concern on several slowing metrics."

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