Shares of Baidu (NASDAQ: BIDU – News), China’s largest provider of Internet search services, are fractionally higher after Piper Jaffray said the stock is “meaningfully undervalued” after a recent pullback caused by excessive concerns related to accounting and corporate governance issues. Baidu shares have slid 13% in the past week due to the negative headlines.
Piper Jaffray’s bullish comments on Baidu are not helping the Chinese Internet Stocks Index, which is down 0.7%. Still, the research firm sees accounting and corporate governance risk as low and reiterated an “overweight” rating and $181 price target on the stock, which represents almost 50% upside from where the shares currently trade.
Good to know! 🙂
Investors can track the Chinese Internet Stocks Index for performance trends and a suite of other metrics at tickerspy.com.