Baidu price target lowered to $130 from $135 at Benchmark

Benchmark lowered the firm’s price target on Baidu (BIDU) to $130 from $135 and keeps a Buy rating on the shares. While stating that Q3 was “undoubtedly a disappointing quarter,” and noting that growth challenges are expected to persist into early FY25 due to macroeconomic factors, competition, and internally driven pressures on AI adoption, the firm believes the risk/reward is “substantially positively biased,” though it acknowledges that investors “may need to exercise some patience.”