Baidu price target raised to $230 from $170

In a report on Baidu this morning, Bernstein Research
analyst Jeffrey Lindsay says, "This [Google music] is a
too-late gambit and (we) anticipate that Chinese users
will continue to utilize the Baidu service that they are
most familiar with." Lindsay expects Baidu's share of
the overall Chinese online advertising market to continue
to grow, reaching 37 percent in 2010. To back up his
argument, he notes that even in the face of several recent
scandals, including a government crackdown on
pornography and the removal of unlicensed
doctors and pharmacists from the search engine, Baidu's
share of the Chinese search market is once again on the
upswing, reaching 64 percent in February.