Baidu price target lowered to $140 from $150 at Bernstein

Bernstein lowered the firm’s price target on Baidu to $140 from $150 and keeps an Outperform rating on the shares. The firm believes 2024 is a pivotal year for Baidu as it scales AI across their businesses and competition ramps up with AI features. Bernstein thinks Baidu can continue to revamp and optimize its existing Search and AI Cloud business and the potential opportunity is material. But it believes this increasingly hinges on Baidu being able to maintain a lead in tech and product development. This becomes a show-me story on Baidu’s management and technical skill in making it work, the firm adds.