Citi analyst Alicia Yap lowered the firm’s price target on Baidu to $176 from $181 and keeps a Buy rating on the shares. Despite the continued solid recovery of traveling industry which has supported decent ad demand in Q1, the firm is reducing its core ad revenue projectsions amid lackluster sentiment by industry verticals including auto, real estate, and franchising advertisers, the analyst tells investors in a research note. Baidu is still likely to target to grow ad revenue faster than GDP growth in 2024 however, the firm added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BIDU:
- Baidu call volume above normal and directionally bullish
- Apple, Baidu haven’t yet agreed on AI deal, AppleInsider reports
- Hong Kong Stocks: Baidu Shares Signal Over 50% Growth Potential
- Citron keeps $200 target on Baidu, says ‘underappreciated name in AI’
- Apple to use Baidu’s AI on iPhone 16 in China, SCMP reports
