Baidu.com, Inc. (NASDAQ: BIDU) looks like an analyst convention started on the steps to its corporate headquarters. The Chinese search giant did manage to score an upgrade, but it also took a downgrade and saw a price target slashed.
- Credit Suisse raised Baidu.com to Neutral from Underperform; target raised to $184 from $138.
- Citigroup cut it to Sell from Buy; new target is $110 from $300 in an extreme change of heart.
- Goldman Sachs took its target price down to $225 from $260.
This is on the heels of an reports from earlier in the week of an expose by China’s state-ownedTV network. That expose showed reports that Baidu had been putting theWeb sites of unlicensed pharmaceutical and medical companies into itssearch results for popular medical terms. Oddly enough, the reportalso said that Baidu was excluding sites that didn’t pay.
Shares closed down over $$17.00 at $111.74 yesterday, and it is so fartoo early to have any real indications with two and a half hours untilthe open.
Jon C. Ogg
November 20, 2008