Baidu Likely Faced Muted Ad Spend Sentiment in 1Q -- Market Talk

Dow Jones04-10

0423 GMT - Baidu likely faced weak ad spending sentiment in 1Q led by sectors such as auto, real estate and franchising advertisers, Citi Research analyst Alicia Yap says in a note. Despite this, Yap reckons that Baidu may target to grow ad revenue faster than China's projected GDP growth in 2024. Citi will focus on AI's contribution to Baidu's 1Q revenue, which is expected to accelerate. However, Yap lowers her cloud revenue estimates on "potential uncertainty of business demand." Citi retains its buy rating but cuts Baidu's ADR target to $176.00 from $181.00 to reflect a lower ad revenue spend estimate. Baidu's Hong Kong-listed shares are last at HK$102.10. (kimberley.kao@wsj.com)

(END) Dow Jones Newswires

April 10, 2024 00:23 ET (04:23 GMT)

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Despite this, Yap ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1023057109.AUD","symbol_name":"BGF CHINA \"A2\" (AUDHDG) ACC","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2426481893","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2426481893","pubTimestamp":1712722980,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"0423 GMT - Baidu likely faced weak ad spending sentiment in 1Q led by sectors such as auto, real estate and franchising advertisers, Citi Research analyst Alicia Yap says in a note. 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