BUZZ-Baidu falls as brokers cut PT amid AI search drive

Reuters

Jul 17

BUZZ-<a href="https://laohu8.com/S/09888">Baidu</a> falls as brokers cut PT amid AI search drive

** Hong Kong shares of Baidu 9888.HK fall 4.6% to HK$84.5, on track for the biggest one-day pct drop since April 7

** Stock is the biggest pct loser on Hang Seng Tech Index .HSTECH, which is up 0.7%

** U.S.-listed stock BIDU.O fell 7.5% on Wednesday

** Jefferies keeps "Buy" rating on Baidu's U.S. shares but cuts price target to $110 from $120 on expecting Q2 Baidu Core revenue to decline by about 3% YoY vs prior estimate of 1% YoY decline to factor in emphasis on user experience with an increase in the percentage of search results covered by generative AI

** Jefferies expects Q2 Baidu Core online marketing revenue to drop by 16% YoY vs 10% decline expected previously, and Q3 online marketing revenue to drop by about 18% YoY

** Nomura keeps "Neutral" on the stock but trims target price to $93 from $95, saying search advertising falls victim to Baidu's AI search drive and expecting Baidu Core's 2Q revenue to drop due to weaker ad revenue

** YTD, Hong Kong stock up 4.1%, U.S.-listed shares up 2.4%

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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brokers cut PT amid AI search drive</title></head><body><p>** <a href=\"https://laohu8.com/S/HKRHF\">Hong Kong</a> shares of Baidu <span>9888.HK</span> fall 4.6% to HK$84.5, on track for the biggest one-day pct drop since April 7</p><p>** Stock is the biggest pct loser on <a href=\"https://laohu8.com/S/HSNGF\">Hang Seng</a> Tech Index <span>.HSTECH</span>, which is up 0.7%</p><p>** U.S.-listed stock <span>BIDU.O</span> fell 7.5% on Wednesday</p><p>** Jefferies keeps \"Buy\" rating on Baidu's U.S. shares but cuts price target to $110 from $120 on expecting <a href=\"https://laohu8.com/S/QTWO\">Q2</a> Baidu Core revenue to decline by about 3% YoY vs prior estimate of 1% YoY decline to factor in emphasis on user experience with an increase in the percentage of search results covered by generative AI</p><p>** Jefferies expects Q2 Baidu Core online marketing revenue to drop by 16% YoY vs 10% decline expected previously, and Q3 online marketing revenue to drop by about 18% YoY </p><p>** 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xmlns=\"http://www.w3.org/1999/xhtml\"><head><title>BUZZ-<a href=\"https://laohu8.com/S/09888\">Baidu</a> falls as brokers cut PT amid AI search drive</title></head><body><p>** <a href=\"https://laohu8.com/S/HKRHF\">Hong Kong</a> shares of Baidu <span>9888.HK</span> fall 4.6% to HK$84.5, on track for the biggest one-day pct drop since April 7</p><p>** Stock is the biggest pct loser on <a href=\"https://laohu8.com/S/HSNGF\">Hang Seng</a> Tech Index <span>.HSTECH</span>, which is up 0.7%</p><p>** U.S.-listed stock <span>BIDU.O</span> fell 7.5% on Wednesday</p><p>** Jefferies keeps \"Buy\" rating on Baidu's U.S. shares but cuts price target to $110 from $120 on expecting <a href=\"https://laohu8.com/S/QTWO\">Q2</a> Baidu Core revenue to decline by about 3% YoY vs prior estimate of 1% YoY decline to factor in emphasis on user experience with an increase in the percentage of search results covered by generative AI</p><p>** Jefferies expects Q2 Baidu Core online marketing revenue to drop by 16% YoY vs 10% decline expected previously, and Q3 online marketing revenue to drop by about 18% YoY </p><p>** Nomura keeps \"Neutral\" on the stock but trims target price to $93 from $95, saying search advertising falls victim to Baidu's AI search drive and expecting Baidu Core's 2Q revenue to drop due to weaker ad revenue</p><p>** YTD, Hong Kong stock up 4.1%, U.S.-listed shares up 2.4% </p><p>(Reporting by Donny Kwok)</p><p>((donny.kwok@thomsonreuters.com))</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1115378108.SGD","symbol_name":"Eastspring Investments - Global Emerging Markets Dynamic AS 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generative AI** Jefferies expects Q2 Baidu Core online marketing revenue to drop by 16% YoY vs 10% decline expected previously, and Q3 online marketing revenue to drop by about 18% YoY ** Nomura keeps \"Neutral\" on the stock but trims target price to $93 from $95, saying search advertising falls victim to Baidu's AI search drive and expecting Baidu Core's 2Q revenue to drop due to weaker ad revenue** YTD, Hong Kong stock up 4.1%, U.S.-listed shares up 2.4% (Reporting by Donny Kwok)((donny.kwok@thomsonreuters.com))","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}