COO's Departure Doesn't Change Baidu's Business Direction; FVE Reaffirmed at $322
We think the departure of Qi Lu, the chief operating officer and group president at wide-moat Baidu, will not change the strategic direction of the company: refocusing on search, feeds, and artificial intelligence and reducing noncore operations such as online-to-offline services. Thus, we think the shares' 10% sell-off during the May 18 U.S. trading session was a market overreaction that provides long-term investors a good entry point. We reaffirm our fair value estimate at $322 per ADR and bel...
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