Credit Suisse is becoming even more bearish on Baidu (BIDU +0.9%), lowering its PT to $80 from...

|By:, SA News Editor

Credit Suisse is becoming even more bearish on Baidu (BIDU +0.9%), lowering its PT to $80 from $82 while reiterating an Underperform. The firm is worried Baidu will use the proceeds from its $1.5B debt offering to embark on a "costly and risky" M&A strategy. It views security software vendor/Qihoo rival Kingsoft, mobile browser developer UCWeb (already the subject of M&A rumors), and even Sina Weibo as possible targets. Qihoo (QIHU +5.3%) is making new 52-week highs today. (October downgrade)