Baidu Likely to Face Continued Headwinds This Year
Dow Jones08-19 16:27
0827 GMT - Baidu is set to face continued headwinds this year, Deutsche Bank analyst Leo Chiang says in a research note. The company's 2Q adjusted net profit missed consensus by 20%, Chiang says. The bank expects that advertising weakness may be more prolonged than initially expected, though the strong momentum in AI cloud infrastructure should persist. "The near-term priority remains product and user experience refinement, a strategy that is dragging advertising revenue in the near-term and is expected to persist into 2H," it says. Deutsche Bank keeps a buy rating but cuts its target price to HK$162.00 from HK$186.00. Shares closed at HK$89.95.
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