Why Baidu Stock Climbed Today
Shares of Baidu (NASDAQ: BIDU) climbed as much as 10% today after getting an upgrade from a Chinese investment bank. The company also announced a new mobility-as-a-service (MaaS) autonomous driving platform. As of 3:15 p.m. EST, the stock was up 6%.
China Renaissance boosted its rating on Baidu shares from hold to buy. Analyst Ella Ji increased her price target from $170 to $325, which represents 17% potential upside from yesterday's closing price. Ji argues that Baidu's Apollo autonomous driving technology has hit an inflection point thanks to strong regulatory support from the Chinese government and advances in artificial intelligence (AI).
Image source: Baidu.
Source Fool.com
