Baidu Inc (ADR) (BIDU) in collaboration with Peel will be offering voice-enabled home products
Baidu Research, one of the divisions of Baidu Inc (ADR) (NASDQ: BIDU) announced that its collaborating with Peel in order to make next generation home products which will operate through voice commands. Peel is based in Mountain View, CA, and already has a successful app for smartphones and tablets, named as Peel Smart Remote which is used by 150 million customers around the world in 200 countries. Baidu stock is floating 1.51% up at $186.76 after the announcement on April 11.
Baidu is trying to bring driverless cars to Chinese roads by 2018. The driverless cars have already been tested on Chinese roads a year ago and are waiting for approval from US regulatory authorities to be tested on US roads. Market analysts are suggesting that Baidu stock is going to rally as soon as the driverless cars are on the road as they are the solution to traffic jams and ongoing increase in accidents. Alphabet Inc (NASDAQ:GOOGL) and Tesla Motors Inc (NASDAQ:TSLA) are also working on driverless cars. Which company succeeds in launching driverless cars first will be an interesting race to see.
Baidu stock performance is adversely affected by the softness in the Chinese economy. The company’s stock is down by 3.78% year-to-date (YTD). However, Baidu share price trend shows an upward movement and market analyst hopes that the company will maintain its momentum. There is betterment in Dow Jones Index as well, as it is finally up by 0.45% YTD and has overcome the loss it incurred at the beginning of 2016. However, the S&P 500 still needs a little push to get out of the red zone as its still down by 0.21% YTD.
As per recent sell side updates, out of 27 analysts providing coverage of Baidu stock, 22 have recommended a Buy while five analysts suggested a Hold and none has a Sell rating on the stock. Credit Suisse in the most recent research note maintained an Outperform rating over the company’s stock while slashing the price target to $234 from $248. Nomura downwardly revised its rating over Baidu stock to a Neutral from a Buy while reducing the price target to $180 from $200.