Citi raises PT to $630 from $550

New street high. Rating buy. Based on FY 2011 P/E of
40.

Catherine Leung believes robust e-commerce growth,
aided by Chinese government policies, and better
monetization through Phoenix Nest help Baidu. Total
e-commerce transactions almost doubled this year from
the last, and make up about 2% of all retail transactions.
This is comparable to the US in 2004.