Loop upgrades Baidu to buy, raises target price to $290

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Loop upgrades Baidu to buy, raises target price to $290

新浪财经2021-03-29

Loop Capital Markets willBaiduThe rating was upgraded to buy from hold due to its self-driving car business and its favorable valuation after the recent decline.

Baidu's U.S.-listed shares fell 19% last week, and analyst Rob Sanderson wrote that this is "a great opportunity to accumulate the stock."

Loop is bullish on Baidu's Apollo business, saying it is "far ahead of the commercialization of self-driving cars in China by many metrics."

The overall economic recovery will also support the company's search advertising business, the company wrote.

The price target was raised to $290 from $210.

In addition, ARK Investment Management purchased a total of approximately 480,000 Baidu shares through three different ETFs.

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