Baidu Inc (ADR) (NASDAQ:BIDU) announced the appointment of Dr. Qi Lu as Baidu’s Group President and Chief Operating Officer, in charge of products, technology, sales, marketing and operations, effective immediately.
Prior to joining Baidu, Dr. Lu served as Microsoft’s Global Executive Vice President and led one of Microsoft’s three business units.
“We are delighted to welcome Dr. Qi Lu to our senior executive team,” said Robin Li, Baidu’s Chairman and Group CEO, “Dr. Lu possesses a wealth of leadership and management experience, and is a leading authority in the area of artificial intelligence. I am confident that Dr. Lu will make major contributions to the overall strength of our management and technology. To achieve our goals, especially in artificial intelligence, which is a key strategic focus for the next decade, we will need to continue attracting the best global talent. With Dr. Lu on board, we are confident that our strategy will be executed smoothly and Baidu will become a world-class technology company and global leader in AI.”
“I am delighted to join Baidu,” said Dr. Lu. “Baidu is well known as one of China’s top technology companies, and is already recognized on the global stage as a leader in AI. I am excited to help realize Baidu’s visionary AI strategy. To be part of Baidu’s evolution into a world-class technology company for the AI-era is a tremendous opportunity. Under Robin’s leadership, I look forward to working with the entire Baidu team to create a true global technology leader.”
Dr. Lu received bachelor and master degrees in computer science from Fudan University in Shanghai and a PhD in computer science from Carnegie Mellon University. He holds over 40 US patents and has authored many papers in his field. He joined Yahoo! in 1998 and later became Senior Vice President in charge of search and advertising technologies, and subsequently became Executive Vice President in 2007. In 2009 he joined Microsoft as President of its Online Services Group. In 2013, Dr. Lu was appointed as Microsoft’s Global Executive Vice President and was put in charge of its Office business. (Original Source)
Shares of Baidu are currently falling 0.18% to $176.16, or down $0.32 in pre-market trading Tuesday. BIDU has a 1-year high of $201 and a 1-year low of $139.61. The stock’s 50-day moving average is $168.83 and its 200-day moving average is $171.92.
On the ratings front, Baidu has been the subject of a number of recent research reports. In a report issued on January 11, Brean Murray Carret analyst Fawne Jiang reiterated a Buy rating on BIDU. Separately, on the same day, Bernstein Research’s Bhavtosh Vajpayee initiated coverage with a Sell rating on the stock and has a price target of $150.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Fawne Jiang and Bhavtosh Vajpayee have a yearly average return of 6.3% and 0.3% respectively. Jiang has a success rate of 53% and is ranked #518 out of 4349 analysts, while Vajpayee has a success rate of 50% and is ranked #2904.
Sentiment on the street is mostly neutral on BIDU stock. Out of 12 analysts who cover the stock, 6 suggest a Hold rating , 5 suggest a Buy and one recommends to Sell the stock. The 12-month average price target assigned to the stock is $195.00, which implies an upside of 10% from current levels.
Baidu, Inc. operates as an internet search provider, which offers internet search solutions and online marketing solutions. It operates as an e-commerce platform with an online payment tool, develops and markets web application software, and provides human resource related services. The company operates through the following segments: Search Services, Transaction Services and iQiyi. The Search Services segment includes the traditional search engine related businesses such as auction-based P4P services and display-based online advertising services. The Transaction Services segment includes the newly developed internet businesses such as services provided by Baidu Nuomi, takeout delivery services and other online-to-offline services. The iQiyi segment engages in the online video business.