J.P. Morgan Maintains Overweight on Baidu.com (BIDU)

J.P. Morgan is out with its report today on Baidu.com (NASDAQ: BIDU), maintaining Overweight and a $120 price target.

In a note to clients, J.P. Morgan writes, "We maintain our Overweight rating on Baidu as it remains one of the dominant market leaders in China's online search market, which is still in an early high-growth stage. With China's search market around five to six years behind the US in terms of monetization, we believe the risks are on the upside that the search ad market could develop at a faster pace, with lack of other well-established offline SME marketing platforms and the network of distributors and sales agencies."

Shares of BIDU are trading pre-market at $117.18, up 7.87% from Monday's close.