EARN25

BIDU Gets Green Light for Secondary Hong Kong Listing

Analysts remain bullish despite the stock's recent slump

Deputy Editor
Mar 9, 2021 at 10:49 AM
facebook X logo linkedin


The shares of China-based online search engine Baidu Inc (NASDAQ:BIDU) are up 9.1% to trade at $253.77 at last check, after the stock was approved to list its shares on the Hong Kong Stock Exchange (HKEX). Its initial public offering price (IPO) passed the benchmark's listing hearing, sending U.S.-listed shares higher.  

Baidu stock has been falling since its Feb. 22 record high of $354.82. Yesterday's pullback, which occurred amid rising U.S.-China tensions, had the security closing below the 60-day moving average for the first time since September. However, BIDU is still up 138.9% year-over-year, and after today's pop the stock is eyeing its strongest day since late February.

The brokerage bunch is firmly in the bullish camp. Of the 10 in coverage, nine carry a "strong buy" rating, while only one calls the stock a tepid "hold." Plus, the 12-month consensus price target of $351.32 is a whopping 38.5% premium to current levels.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!