Baidu Inc (ADR) (NASDAQ:BIDU), the leading Chinese language Internet search provider, today announced that the special committee of the Company’s board of directors received a letter from Mr. Robin Yanhong Li, chairman and chief executive officer of Baidu, and Mr. Yu Gong, chief executive officer of Qiyi.com, Inc., who led a consortium of potential buyers (collectively, the “Buyer Group”), stating that the Buyer Group would withdraw the non-binding proposal, dated February 1, 2016, to acquire all of the outstanding shares of Qiyi.com, Inc. (“iQiyi”) beneficially owned by Baidu (the “Proposal”), with immediate effect. The letter stated that as the Buyer Group and Baidu had not been able to reach an agreement on transaction structure and purchase price after rounds of discussions and negotiations, the Buyer Group had determined not to proceed with the Proposal. (Original Source)
Shares of Baidu are currently trading at $158.66, down $2.22 or -1.38%. BIDU has a 1-year high of $217.97 and a 1-year low of $100. The stock’s 50-day moving average is $163.74 and its 200-day moving average is $171.60.
On the ratings front, Baidu has been the subject of a number of recent research reports. In a report issued on July 20, Brean Murray Carret analyst Fawne Jiang reiterated a Buy rating on BIDU. Separately, on the same day, Credit Suisse’s Dick Wei assigned a Buy rating to the stock and has a price target of $190.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Fawne Jiang and Dick Wei have a total average return of 4.0% and 18.3% respectively. Jiang has a success rate of 51.3% and is ranked #710 out of 4081 analysts, while Wei has a success rate of 52.8% and is ranked #385.
The street is mostly Bullish on BIDU stock. Out of 11 analysts who cover the stock, 9 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $208.33, which represents a potential upside of 29.5% from where the stock is currently trading.
Baidu, Inc. engages in the provision of internet search solutions and online marketing solutions. The company also operates an e-commerce platform with an online payment tool, develops and markets web application software, and provides human resource related services. Its products include search products and web directory, search-based community products, mobile search, related products and services for websites and enterprises, e-commerce, entertainment products, software and related search products.