There’s a lot to be optimistic about in the Technology sector as 2 analysts just weighed in on Baidu (NASDAQ:BIDU) and InterNAP (NASDAQ:INAP) with bullish sentiments.
Baidu (BIDU)
In a report released today, Jason Helfstein from Oppenheimer maintained a Buy rating on Baidu, with a price target of $295. The company’s shares closed yesterday at $230.46.
Helfstein wrote:
“Maintaining Outperform rating and $295 target after BIDU reported better 2Q:18 results on margins. While BIDU beat Street for third consecutive quarter, concern about GOOG’s re-entering China and higher TAC commentary weighing on shares. However, GOOG “headline” has consistently surfaced almost annually since 2010, and government is supporting Baidu on innovations (smart road for autonomous driving). We believe Google does not have support, especially during the trade war; state-owned media Securities Daily quoted government official comment: “not true.” We believe Baidu is executing well on twin-engine (search+feed) strategy and gaining traction on Apollo/DuerOS. Concerns (former COO step-down, higher TAC + GOOG) make BIDU valuation attractive: 10x ’19E core EBITDA with CTRP and IQ at market value for 20%-25% core EBITDA growth.”
According to TipRanks.com, Helfstein is a top 100 analyst with an average return of 19.6% and a 66.0% success rate. Helfstein covers the Technology sector, focusing on stocks such as Endurance International, ANGI Homeservices Inc, and IAC/InterActiveCorp.
Baidu has an analyst consensus of Strong Buy, with a price target consensus of $308.83, representing a 34.0% upside. In a report issued on August 1, KeyBanc also reiterated a Buy rating on the stock with a $297 price target.
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InterNAP (INAP)
In a report released today, Daniel Kurnos from Benchmark Co. maintained a Buy rating on InterNAP, with a price target of $30. The company’s shares closed yesterday at $12.62.
According to TipRanks.com, Kurnos is a 5-star analyst with an average return of 11.9% and a 53.8% success rate. Kurnos covers the Services sector, focusing on stocks such as Chicken Soup For The Soul Entertainment Inc, Booking Holdings Inc, and Sinclair Broadcast.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for InterNAP with a $21.67 average price target.
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