Baidu price target lowered to $128 from $140 at BofA

BofA lowered the firm’s price target on Baidu to $128 from $140 and keeps a Buy rating on the shares. For Q2, the firm lowered Baidu Core revenue growth to 1% year-over-year from 2%, as it cut advertising to a 2% year-over-year decline from flat and maintained its forecast for cloud growth of 15% year-over-year. BofA also lowered FY25-26 numbers to factor in the slower FY24, the analyst tells investors in a preview note.