Baidu (NASDAQ:BIDU) Downgraded to Neutral by JPMorgan Chase & Co.

On November 30th, 2024, JPMorgan Chase & Co. announced a downgrade of Baidu (NASDAQ:BIDU – Free Report) from an overweight rating to a neutral rating in a research note distributed to investors.

Other research firms have also scrutinized Baidu's stock recently. Susquehanna downgraded Baidu from a "positive" rating to a "neutral" rating, subsequently lowering the price target from $105.00 to $85.00 in a report published on November 25th. Meanwhile, HSBC Global Research reduced Baidu's rating from "strong-buy" to "hold" on September 24th. Likewise, Bank of America adjusted their price target from $128.00 down to $117.00, maintaining a "buy" rating as of August 23rd.

On October 3rd, DBS Bank downgraded Baidu from a “strong-buy” to a “hold” rating. Jefferies Financial Group also made changes, cutting their target price for Baidu from $174.00 to $139.00 while keeping a "buy" rating on August 22nd. Currently, ten equity research analysts classify the stock with a hold rating, whereas seven have given it a buy rating. According to MarketBeat, Baidu's consensus rating is now “Hold,” with an average price target set at $113.75.

Baidu Trading Performance

Baidu's stock opened at $85.05 on the same day as the downgrade. The company, which boasts a market cap of $29.82 billion, shows a P/E ratio of 10.41, a PEG ratio of 1.11, and a beta of 0.51. It maintains a current ratio of 2.19, a quick ratio of 2.19, and a debt-to-equity ratio of 0.18. Over the past year, Baidu has experienced a 12-month low of $78.95 and a high of $120.25, with its fifty-day simple moving average at $93.57 and a 200-day simple moving average at $91.75.

Institutional Investor Activity

Numerous institutional investors have recently adjusted their stakes in Baidu. For instance, during the second quarter, Primecap Management Co. CA increased its position by 17.2%, acquiring a total of 11,947,706 shares worth approximately $1,033,238,000 after adding 1,753,577 shares. Another noteworthy change came from International Assets Investment Management LLC, which lifted its position by 12,065.6% in the third quarter, owning now 1,070,694 Baidu shares valued at about $1,127,330,000 following the addition of 1,061,893 shares.

Other investors include Maple Rock Capital Partners Inc., which acquired a new stake worth $42,748,000, and Healthcare of Ontario Pension Plan Trust Fund, purchasing a stake valued at $36,272,000, both in the third quarter. HHLR Advisors LTD also secured a new position in Baidu during this period, valued at approximately $31,587,000.

Baidu Company Overview

Baidu, Inc. is known for providing internet search services primarily in China. The company operates through two main segments: Baidu Core and iQIYI. Its services include the Baidu App, which facilitates access to search, feed, and various other services via mobile devices; Baidu Search, which offers a robust search experience; Baidu Feed, which curates personalized content for users based on their interests; Baidu Health, connecting users with healthcare professionals; and Haokan, a platform for short video content.

Baidu, JPMorgan, stocks