Artificial intelligence company Baidu, Inc. (BIDU) announced that it has launched Apolong II, a new generation of multipurpose autonomous minibuses, in China’s Guangzhou. Shares of the company declined about 1% in Friday’s trading session. However, it pared its losses slightly to close at $164.50 in the extended trade.
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The Apolong II incorporates the autonomous driving capabilities of Baidu’s Apollo Robotaxi and uses Baidu’s vehicle-to-everything (V2X) and 5G remote driving service. With wide adaptability and extensive applications, the Apolong II is expected to make smart transportation easier for commuters. (See Baidu stock chart on TipRanks)
On August 2, Bank of America Securities analyst Eddie Leung reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $372 to $333, which implies upside potential of 102.7% from current levels.
The Street community is cautiously optimistic about the stock with a Moderate Buy consensus based on 13 Buys, 3 Holds and 1 Sell. The average Baidu price target of $281.64 implies that the stock has 71.5% upside potential from current levels.
Baidu scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations. Shares have gained 31.3% over the past year.
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