Bernstein Raises Target Price of Baidu to $305 per Share
Bernstein raised target price of Baidu Inc. (Nasdaq: BIDU) to $305 per American depositary share from $240 per share with a "market perform" rating.
Shares in the company, China&`#`39;s search engine giant that has been investing heavily into smart car development, closed at $269.91 per ADS, $1.23 up Friday.
The company recently announced that it would sell a majority stake in Baidu Financial Services Group (FSG) for $1.9 billion to a consortium led by TPG Capital Management LP and Carlyle Group LP, as it looks to further its push into the FinTech industry.
The investment would give Baidu the push to narrow the lead that Alibaba Group Holding Ltd. (NYSE: BABA) and Tencent Holdings Ltd. have taken in financial services, and also to find revenue streams outside its internet search business.