Benzinga | Aug 13, 2021 09:19AM EDT

KeyBanc Analyst Thinks This Tech Stock Has 69% Upside Despite Price Target Cut

* KeyBanc analyst Hans Chung lowered the price target on Baidu Inc (NASDAQ:BIDU) to $270 from $332, implying a 69% upside, and reiterated an Overweight rating.

* The recommendation reflects how the resurgence of COVID-19 negatively impacts the near-term outlook, regulatory uncertainty, and sector-wide multiple contractions.

* Baidu's Q2 revenue of $4.86 billion beat the analyst consensus of $4.78 billion. The non-GAAP EPS of $2.39 beat the analyst consensus of $2.07.

* Price Action: BIDU shares traded lower by 0.65% at $158.60 in the premarket session on the last check Friday.