Chinese Tech Company Baidu Rises on Upgrade

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© Reuters. © Reuters. – Baidu (NASDAQ:) was higher in midday trade on Friday after the Chinese tech giant was upgraded by analysts based on its strong third-quarter earnings earlier in the week.

Analysts at Bernstein upgraded the company to outperform from market perform, according to American Banking News.

While the company still lost about 6.3 billion ($898 million), it posted better-than-expected revenue of 28 billion Chinese yuan ($4 billion) on Wednesday evening.

Shares of the company were up 3%.

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