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<Research>JPM: BIDU-SW (09888.HK) Quarterly Results Expected to Be of Secondary Importance; Focus on AI Cloud-based Transformation
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JPMorgan published a research report keeping rating at Overweight on BIDU-SW (09888.HK), with target prices of $195/ US$200 for BIDU-SW's H-shares/ US stock. The broker expected 1Q26 results to be broadly in line with market consensus, but core advertising is likely to record another weak quarter, offset by strong AI cloud infrastructure and inference growth. JPMorgan forecasted BIDU-SW's core advertising revenue to decline 19% YoY, a wider decline from 18%/ 16% in 3Q25/ 4Q25. Meanwhile, the broker projected overall cloud revenue to hike 28%, with AI cloud infrastructure rising 85%. JPMorgan believed that market focus has shifted from traditional search monetization to whether BIDU-SW can become a reliable listed platform for AI infrastructure investment through both AI cloud and Kunlunxin. Auto-translated by AI AASTOCKS Financial News |
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