Fly News Breaks for January 10, 2020
Jan 10, 2020 | 07:40 EDT
Barclays analyst Gregory Zhao raised his price target for Baidu to $150 from $140 while keeping an Equal Weight rating on the shares. Baidu was an industry laggard in 2019, but investor interest has increased over the last week, Zhao tells investors in a research note. The Street seems to be looking for a turnaround in China's online advertising market in 2020 and expects Baidu core to gradually recover from the trough in Q3, adds the analyst. His primary concern with China's online ads market is the ads inventory supply and pricing trend in 2020, which he notes is still controlled by TikTok.
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