BofA analyst Miranda Zhuang lowered the firm’s price target on Baidu to $140 from $156 and keeps a Buy rating on the shares. The firm lowers its estimate of Baidu’s core total revenue growth to 2% year-over-year from 6% for Q1, mainly because of weaker ads, noting that it lowered its Q1 Baidu Core ad growth to 2% from 4% due to slower recovery in offline related verticals except for travel. However, BofA reiterates a Buy on the AI benefits over the long term and sees the valuation as “undemanding,” the analyst added.
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