Baidu's second quarter was in many (positive) respects a doozy. The company released its earnings report last night, and posted some very interesting numbers as it beat analysts' estimates. One key stat: profits rose 118 percent on a year-over-year basis.
That means profits totaled about 837.4 million yuan, or $123.5 million. Baidu managed to report $282.3 million in revenue, too, even though analysts just expected to see $267.9 million, and earnings per share hit $0.36 rather than $0.32.
Those are some impressive gains, to say the least. What's more, the company's forecasts suggest that additional growth will occur next quarter.
As a result, analysts representing at least four major financial firms seem to have spent the night scrambling to come up with new price targets. Eric Savitz reported Piper Jaffray raised its price target from $70 to $81 this morning, and Goldman Sachs made an even bigger adjustment, hiking its price target from $76 to $90.
Brean Murray and Citigroup then made smaller tweaks, changing their price targets from $80 to $90 and $87 to $93, respectively.
It's good news all around for Baidu, at any rate, which has seen its stock rise 2.78 percent so far today.