YY - Baidu rises 6.2% to new high as China Renaissance lifts to Buy

Baidu ADRs (BIDU) are up 6.2% - and tagged their all-time high today - after an upgrade to Buy at China Renaissance, from Hold. Analyst Ella Ji raised her price target to $325 from $170, vs. an average price target of about $236. The $325 implies a further 10.6% upside from current pricing. Also, JOYY (YY +2.8%) says the sale of YY Live to Baidu is substantially completed. There are "certain customary matters" to finish in the near future. A review of allegations by short sellers related to YY Live found they were "not substantiated," JOYY says.

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Baidu rises 6.2% to new high as China Renaissance lifts to Buy