Baidu (NASDAQ: BIDU) shares hit fresh two-year highs earlier this month, and one Wall Street pro sees the Chinese dot-com darling heading even higher. Wendy Huang at Macquarie is boosting her price target from $252 to $305, suggesting 35% of upside from Friday's close.
Huang feels that the market is not fully pricing in the recovery in Baidu's flagship search business, margin expansion as it shifts away from profit-slurping endeavors, and the long-term potential of its advantage in artificial intelligence (AI). Huang has tapped Baidu as a "Top Pick" at Macquarie.
Image source: Baidu.
Source: Fool.com