BUZZ-H-shares of Baidu hit 2-year low on Q3 rev drop, softer Q4 outlook

Reuters11:10
BUZZ-H-shares of Baidu hit 2-year low on Q3 rev drop, softer Q4 outlook

** H-shares of Baidu 9888.HK slip 10.3% to HK$75.20, lowest since Nov 2022

** Stock set for biggest one-day pct drop since Jan. 15; top pct loser on Hang Seng Index .HSI, Hang Seng Tech Index .HSTECH and Hang Seng China Enterprises Index .HSCE

** U.S.-listed shares BIDU.O slid 5.9% on Thursday

** China's largest search engine operator's Q3 revenue drops 3%

** Co says no notable improvement in ad spending patterns or consumer spending despite Beijing's recent stimulus measures

** Jefferies retains "buy"; cuts PT to $126 from $132 to factor in softer ad revenue expectation in Q4 on macro and AI transition

** Citi maintains "buy", trims U.S. stock's PT to $142 from $143

** YTD, Baidu's Hong Kong and U.S. stocks down 33.7% and 31.5%, respectively

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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