Baidu, JD.com lead broad gains among Chinese Internet stocks
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Chinese Internet stocks started the week with broad gains, Monday, with JD.com (NASDAQ:JD), Baidu (NASDAQ:BIDU) and Alibaba (NYSE:BABA) among the sector leaders on the advance.
JD (JD) was up by almost 7%, while Baidu (BIDU) shares rose 4.5% after both companies received some steady-as-she-goes type of comments from analyst James Lee of Mizuho Securities. Lee left his $100-a-share price target on JD (JD) in place, saying that he expects it to meet fourth-quarter earnings and revenue forecasts, with its results being led by its JD Retail operations.
With regards to Baidu (BIDU), Lee was little less enthusiastic, saying that the Internet search provider's upcoming results should be in line with expectations, but that its outlook may disappoint due to several factors such as rising COVID-19 cases in China.
Alibaba (BABA) was up by more than 5%, even though Lee trimmed his price target on the company's stock to $185 a share from $215. Lee said Alibaba (BABA) is likely to report a "challenging quarter" for its business, but still left his buy rating on Alibaba's (BABA) stock unchanged.
It was an upbeat day all around for the shares of China-based companies. Weibo (NASDAQ:WB) was up by almost 7%, Tencent Holdings (OTCPK:TCEHY) rose 4%, Bilibili (NASDAQ:BILI) surged more than 11% and the KraneShares CSI China Internet ETF (NYSEARCA:KWEB) climbed by more than 6%.
Last week, Tencent (OTCPK:TCEHY) garnered attention after the tech holding revealed it blacklisted 13 companies as part of a crackdown on fraud.