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Downgrade Alert for Baidu (BIDU)
Feb 05, 2013 (SmarTrend(R) Upgrades/Downgrades via COMTEX) --
Baidu (NASDAQ:BIDU) was downgraded from Outperform to Market Perform at Raymond James today. The stock closed yesterday at $107.20 on volume of 5.5 million shares, above average daily volume of 4.1 million. Baidu share prices have moved between a 52-week high of $154.15 and a 52-week low of $85.96 and closed yesterday at 25% above that low price at $107.20 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has slid 0.5%.
Baidu has overhead space with shares priced $107.20, or 22.2% below the average consensus analyst price target of $137.70. The stock should find resistance at its 200-day moving average (MA) of $113.05, as well as support at its 50-day MA of $101.46.
Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, pay for performance and news, MP3, and image searches.
SmarTrend recommended that subscribers consider buying shares of Baidu on December 18th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $97.68. Since that recommendation, shares of Baidu have risen 9.8%. We continue to monitor BIDU for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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