Baidu's target cut on 'heavy' feed spend

|About: Baidu, Inc. (BIDU)|By:, SA News Editor

Bernstein lowers its Baidu (NASDAQ:BIDU) target from $180 to $130 and maintains a Market Perform.

The firm says the "heavy investment in feed is value destructive" and Baidu "should stick with the core business in search going forward."

Bernstein says Baidu still has a "dominant position in search and a strong balance sheet."

BIDU shares are down 0.3% pre-market to $112.71.

Baidu has an Outperform Sell Side rating.

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