NEW YORK (TheStreet) -- Shares of Baidu (BIDU) - Get Report  were climbing on heavy trading volume late-morning Friday after the company late yesterday reported better-than-expected results for the 2016 third-quarter. 

After yesterday's closing bell, Beijing-based Baidu reported adjusted earnings of $1.49 per share, topping analysts' expected $1.11 per share. 

Revenue fell 0.7% year-over-year to $2.74 billion, but beat Wall Street's projected $2.71 billion. 

The Internet search provider expects fourth-quarter revenue to be in the range of $2.68 billion and $2.76 billion, which is below consensus estimates of $2.86 billion.

A government crackdown on healthcare advertising is largely the driver behind its fourth-quarter revenue forecast, according to Reuters.

The company is still dealing with public and regulatory scrutiny after a student with fatal cancer claimed that the search engine directed him to an ineffective treatment method. 

Despite the company's outlook, Piper Jaffray said it's a "long-term believer" in Baidu and raised its price target to $190 from $180, according to TheFly.

The firm reitereated its "buy" rating on the stock.

Baidu's third-quarter results show the continued impact from quality improvements, Piper Jaffray added. 

About 3.33 million shares of Baidu have traded so far today vs. the 30-day average of 2.25 million shares.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

The team rates Baidu as a Buy with a ratings score of B-. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. The team feels its strengths outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: BIDU

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