Why Baidu Stock Tanked by 6% on Thursday
(NASDAQ: BIDU) stock was battered on Thursday, due in no small part to a pair of price-target cuts from analysts. That left the Chinese tech giant's shares nearly 6% weaker on the day, a far worse performance than the S 500 index's 0.9% decline.
The two entities behind the Baidu price target reductions were JPMorgan Chase and Goldman Sachs.
Of the pair, it was Lincoln Kong, the Goldman Sachs analyst, who made the (slightly) deeper cut. He reduced his level to $181 per share from his previous target of $197. He also maintained his buy recommendation on the big tech company.
Source Fool.com
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