BIDU Brushes Off Q3 Beat, Bull Notes

No fewer than three analysts raised their price targets

Deputy Editor
Nov 17, 2020 at 9:06 AM
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The shares of China-based Baidu Inc (NASDAQ:BIDU) are down 2.3% at $144.40 at last check, brushing off a third-quarter earnings and revenue beat. To follow, no fewer than three analysts raised their price targets, with Benchmark and Mizuho upping theirs to $185. 

After bouncing off consistent support at the $115 level and with cushion just above the 100-day moving average, BIDU has been rising since early September. Yesterday, the stock's rally culminated in a year and a half high of $151.18. However, looking at the security's 14-day Relative Strength Index (RSI) of 74 -- in "overbought" territory -- a short-term breather may have already been in the cards. Year-to-date, the equity is up around 17%. 

The brokerage bunch is bullish on Baidu stock, with nine of the 10 analysts in coverage at a "strong buy" rating. Meanwhile, the 12-month consensus price target of $152.10 is a 2.9% premium to last night's close. 

Options traders echo this sentiment, per BIDU's 50-day call/put volume ratio of 4.84 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which stands higher than all other readings in its annual range. This shows long calls being picked up at their fastest rate in the past 12 months. 


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