These numbers are consistent with our view that BIDU offers the best value/growth ratio in the large cap internet space. BIDU identified search and app distribution as strong and remains focused on new revenue sources from location based services.
BIDU also guided higher on 2Q which seems to have caught much of the street off guard. In fact, we would not be surprised to see the street rush in to upgrade the stock over the next 2-3 days. Already, Deutsche Bank, Goldman and Brean have upgraded the stock today. Currently, the street average 12m target on BIDU is $213..and going higher.
BIDU is an 18.5% weight in the Emerging Money Chinese Internet Index (EMCHI).
The EMCHI is a market cap weighted index of the top Chinese internet stocks where we have smoothed out heavyweights like BIDU and Tencent (TCEHY, quote) from distorting the return profile of the overall index. Technically, BIDU continues to respect key levels and maintains 2m uptrend despite volatility over the last 2 months due to China and uncertainty around transparency in the sector, china censorship issues , etc.
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