Baidu "underperform" ratings due to concerns about its valuation

From Investors.com: Baidu sinks on valuation concerns
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"U.S-listed shares of Baidu (BIDU) fell 21% to $89.65 in early morning dealings. The stock had gained more than 35% during the previous three trading days after analysts at J.P. Morgan and Morgan Stanley offered optimistic outlooks on Chinese Internet stocks."

""Baidu's current stock price has far exceeded even the most aggressive valuations and is distinctly 'off the chart' in our view," wrote Piper Jaffray analyst Safa Rashtchy in a note to clients. The analyst set a $45 price target on the stock. "

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