- Baidu Inc (NASDAQ: BIDU) has received a price target increase from $185 to $250 by Mizuho. These are the details.
Baidu Inc (NASDAQ: BIDU) has received a price target increase from $185 to $250 by Mizuho. And Mizuho analyst James Lee is also keeping a “Buy” rating on the company shares. Lee said he is positive structurally on Baidu heading into fiscal 2021 due to deeper penetration in e-commerce and advertising in the U.S. and China.
In related news, Baidu said it is forming an intelligent vehicle company with Volvo’s parent company Geely Automobile Holdings Limited. Baidu is going to establish a separate company for making electric vehicles.
Baidu is going to provide the intelligent driving capabilities for powering the EVs. And Geely will provide the design and manufacturing.
“China has become the world’s largest market for EVs, and we are seeing EV consumers demanding next generation vehicles to be more intelligent,” said Baidu founder and CEO Robin Li. “We believe that by combining Baidu’s expertise in smart transportation, connected vehicles and autonomous driving with Geely’s expertise as a leading automobile and EV manufacturer, the new partnership will pave the way for future passenger vehicles.”
Disclosure: I have a small BIDU position in my stock portfolio