0850 GMT - Baidu is likely to post a decline in revenue in its core business in 3Q, China Renaissance analysts say in a commentary. The analysts expect China's soft macroeconomic backdrop and the fact that Baidu has yet to monetize its AI search traffic to pressure on core advertising growth in negative territory. The company's cloud business is also likely to have been affected by a management reshuffling in September, they say. The analysts maintain a buy rating on Baidu but cut the target price on its ADRs to US$134.00 from US$145.00. ADRs last traded at US$89.95. (tracy.qu@wsj.com)
(END) Dow Jones Newswires
October 24, 2024 04:50 ET (08:50 GMT)
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