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Fly News Breaks for September 26, 2019
CTRP, BIDU
Sep 26, 2019 | 08:01 EDT
Jefferies analyst Thomas Chong thinks the proposed secondary offering announced by Ctrip (CTRP) represents about one-third of Baidu's (BIDU) stake in the company. He sees the relationship between both companies as unchanged post the deal. Further, it should provide greater strategic flexibility for Baidu with additional U.S. dollars, and share repurchases could be one option for the cash, Chong tells investors in a research note. He keeps a Buy rating on Baidu with a $134.50 price target.
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