Baidu:UG on attitude change & rival’s failure to embrace mobile

Action。

    We upgrade our rating of Baidu from HOLD to ACCUMULATEand tweak our TP up by just over 1% from US$180 to US$182.

    Reasoning。

    Aside from the price correction, potential collaborations withCtrip and Qunar may indicate that Baidu has changed its bigpicture attitude towards vested interests and potential acquisitions