According to a report released by Morgan Stanley, Baidu's revenue in the third quarter met expectations, with core revenue remaining unchanged and non online marketing revenue growing by 12%. Baidu's profit for the quarter was slightly higher than expected, with core non GAAP operating profit remaining unchanged, exceeding market forecasts by approximately 4%. The core operating profit margin remained at 25.1%, about 0.8 percentage points higher than expected. Morgan Stanley currently gives Baidu a "synchronized with the market" rating, with a target stock price of $105.