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Baidu Target Upped by Goldman Sachs

The Chinese Internet provider's price target has been raised by Goldman Sachs to $675 from $575.
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NEW YORK (

TheStreet

) -- Chinese Internet provider

Baidu's

(BIDU) - Get Baidu Inc. Report

price target has been raised by

Goldman Sachs

(GS) - Get Goldman Sachs Group, Inc. Report

to $675 from $575, following

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Google's

(GOOG) - Get Alphabet Inc. Class C Report

decision to move out of China and begin redirecting Web traffic to Hong Kong.

Analysts believes the Chinese government will limit access to Google's Hong Kong search engine, which could in turn help boost Baidu's traffic. Goldman Sachs believes that Baidu will be able to obtain 33% to 75% of Google.cn traffic.

-- Reported by Andrea Tse in New York

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