BIDU Gets Green Light for Secondary Hong Kong Listing

Analysts remain bullish despite the stock's recent slump

Laura McCandless

Deputy Editor

Mar 9, 2021 at 10:49 AM

BIDU

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.

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