Monday, September 14, 2009

GS reiterates conviction buy, raises PT to $455

Highest on the street. Firm believes Baidu's coverage
ratios will rise to match Google and Yahoo at around
50 to 60%. Currently it is at around 20%, and GS
believes Phoenix Nest will help improve the ratio.
Paid search in China is expected to rise to 0.07% of
GDP by 2013, with Baidu maintaining its market

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