Baidu Inc (ADR) (NASDAQ:BIDU), the leading Chinese language Internet search provider, today announced that the independent special committee of Baidu’sboard of directors, formed to consider the previously announced non-binding proposal from Mr. Robin Yanhong Li and Mr. Yu Gong to acquire all of the outstanding shares of Qiyi.com, Inc. beneficially owned by Baidu, has retained J.P. Morgan Securities (Asia Pacific) Limited as its financial advisor to assist it in this process. Maples and Calder and Han Kun Law Offices act as the Cayman Islands and PRC legal counsels, respectively, to the special committee.
The Board cautions Baidu’s shareholders and others considering trading in its securities that no decisions have been made with respect to Baidu’s response to the proposal. There can be no assurance that any definitive offer will be made, that any legally binding agreement will be executed or that this or any other transaction will be approved or consummated. Baidu does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law. (Original Source)
Shares of Baidu closed last Friday at $152.73. BIDU has a 1-year high of $223.95 and a 1-year low of $100. The stock’s 50-day moving average is $166.43 and its 200-day moving average is $169.44.
On the ratings front, Baidu has been the subject of a number of recent research reports. In a report issued on February 3, Jefferies Co. analyst Cynthia Meng maintained a Buy rating on BIDU, with a price target of $203, which implies an upside of 32.9% from current levels. Separately, on January 22, Nomura’s Andrew Orchard downgraded the stock to Hold and has a price target of $180.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Cynthia Meng and Andrew Orchard have a total average return of -8.0% and -14.1% respectively. Meng has a success rate of 35.3% and is ranked #3018 out of 3579 analysts, while Orchard has a success rate of 11.1% and is ranked #2939.
The street is mostly Bullish on BIDU stock. Out of 7 analysts who cover the stock, 4 suggest a Buy rating and 3 recommend to Hold the stock. The 12-month average price target assigned to the stock is $220.00, which implies an upside of 44.0% from current levels.
Baidu Inc is a Chinese language Internet search provider. The Company offers a Chinese-language search platform on its website Baidu.com.