Daiwa downgraded Baidu (BIDU) to Outperform from Buy. Q4 core revenue increased by 1% year-over-year, but its online marketing revenue fell by 7% year-over-year, notes the analyst. Daiwa is concerned about lower search market share, potentially impacted by WeChat’s AI with DeepSeek integration, and cites worsening fundamentals in Baidu’s search and cloud businesses for the downgrade.
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