BofA lowered the firm’s price target on Baidu to $117 from $128 and keeps a Buy rating on the shares. The company “accelerated the renovation of Baidu Search with AI” as 18% of search result pages contain AI generated content, up from 11% in May, the analyst tells investors in a post-earnings note. The firm’s price target is lowered due to less current cash, but it reiterates a Buy rating citing Baidu’s “AI tech leadership.”
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