Baidu estimates lowered at Credit Suisse Credit Suisse expects Baidu to use the $1.5B proceeds from its debt raising for M&A and lowered estimates to account for increased costs and risks. The analyst believes Baidu may be targeting Kingsoft to hedge against Qihoo (QIHU) or UCweb for its mobile search. The firm reiterates its Underperform rating and lowered its price target to $80 from $82.
Baidu to partner with Citic Bank to launch online bank, Financial Times reports Baidu will partner with Citic Bank to launch an online bank, reports the Financial Times. China Citic Bank had suspended its shares in Shanghai and Hong Kong on Monday pending announcement of a "proposed external investment" while Baidu said it would make an announcement on Wednesday. Reference Link