Baidu price target lowered to $182 from $185 at UBS

UBS analyst Wei Xiong lowered the firm’s price target on Baidu to $182 from $185 and keeps a Buy rating on the shares ahead of its Q4 results. Surging COVID infections in December could weigh on the company’s ad and cloud revenue, though the outlook for 2023 recovery remains intact despite the near-term pressure, the analyst tells investors in a research note.