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Why Shares of Baidu Rose 12.5% in June

Why Shares of Baidu Rose 12.5% in June

Shares of Chinese search engine Baidu (NASDAQ: BIDU) rose 12.5% in June, according to data from S&P Global Market Intelligence. Shares got a one-two punch of good news around the middle of the month, as Baidu received an analyst upgrade on China's economic reopening. In mid-June, Mizuho analyst James Lee reiterated a "buy" rating on Baidu shares, giving the company a $175 price target, well above the $123 share price today -- even after June's surge.