Baidu "underperform" ratings due to concerns about its valuation
From Investors.com: Baidu sinks on valuation concerns
(Copyright ©2005 MarketWatch, Inc. All rights reserved.)
"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. "
Baidu's Way from Unknown to No.1 Search Engine in China
Quotes on the Baidu (BIDU) IPO
Fact Sheet on the Chinese Search Leader