Loop Capital Markets upgraded Baidu's rating from "hold" to "buy" due to its autonomous vehicle business and its relatively positive valuation following its recent decline. Last week, Baidu's US-listed shares fell 19%, and analyst Rob Sanderson wrote that this was "an excellent opportunity to accumulate the stock." Loop is optimistic about Baidu's Apollo business, stating that it is "far ahead in the commercialization of autonomous vehicles in China by many indicators." The company wrote that the overall economic recovery will also support its search advertising business.
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