Citi lowered the firm’s price target on Baidu (BIDU) to $139 from $141 and keeps a Buy rating on the shares ahead of the company’s Q4 report on February 18. The firm said its new price target incorporates revised iQiyi estimates and recently reported news related to Jidu’s operational difficulties would could lead to possible bad-debt write-off and one-off expense on welfare payment tot Jidu employees. Looking into Q1 and 2025, while Baidu ad revenue growth is correlated to macro and advertiser sentiment, the ongoing transformation of AI search is likely bottoming out with potential monetization opportunity, the analyst tells investors in a research note.
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