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<Research>CLSA Cuts TP for Baidu's US Shrs to US$114; AI Search Transformation Expected to Drag Down 1Q25 Performance
According to a report from CLSA, the broker predicted that BIDU-SW's (09888.HK) (BIDU.US) total revenue from its core business would grow by 0.8% YoY to RMB24 billion, while it...
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<Research>CLSA Cuts TP for Baidu's US Shrs to US$114; AI Search Transformation Expected to Drag Down 1Q25 Performance
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According to a report from CLSA, the broker predicted that BIDU-SW's (09888.HK)  -1.450 (-1.597%)    Short selling $51.42M; Ratio 24.371%   (BIDU.US)      total revenue from its core business would grow by 0.8% YoY to RMB24 billion, while its adjusted EBIT would drop by 21% YoY to RMB4.4 billion, after considering that the transformation to AI search and a sluggish macroeconomic environment continued to affect the company in 1Q25.

In addition, Baidu's core online marketing revenue might fall 6% YoY as 22% of AI searches did not generate actual revenue. However, cloud business revenue is expected to grow 26% YoY on surging demand for generative AI in both public and private clouds. The decline in advertising revenue also heaped pressure on gross profit.

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CLSA reduced its target price for Baidu (BIDU.US)      from US$120 to US$114, while maintaining an Outperform rating.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-15 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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