Loop upgrades Baidu to buy, raises price target to $290

新浪财经2021-03-29

Loop Capital Markets willBaiduThe rating was upgraded to buy from hold due to its self-driving vehicle business, as well as a relatively satisfactory valuation following recent declines.

Last week, Baidu's U.S. -listed stock fell 19%, which analyst Rob Sanderson wrote was a "great opportunity to accumulate the stock."

Loop is bullish on Baidu's Apollo business, saying it is "well ahead of the commercialization of self-driving vehicles in China by many indicators."

The overall economic recovery will also support the company's search advertising business, the company wrote.

Price target raised to $290 from $210.

Separately, ARK Investment Management bought a total of about 480,000 shares of Baidu through three different ETFs.

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