US-listed shares of Baidu fall, BofA cuts price objective on weak advertising
BIDU•Baidu shares fall after BofA cuts target
U.S.-listed shares of Chinese search-engine provider Baidu BIDU.O fell 3.1% to $109.89 premarket.
BofA Global Research cuts price objective on the stock to $165 from $180, still implying a 45.5% upside to its last close.
The brokerage lowers Baidu core 2026-2028 adjusted operating profit forecasts by 3%-8%, citing weaker advertising and higher AI investments.
It expects Q2 ad revenue to decline 21% YoY as traffic weakens, while AI cloud infrastructure revenue grows 58%.
27 of 32 brokerages rate the stock "buy" or higher, 4 "hold" and 1 "sell"; their median PT is $176, according to data compiled by LSEG.
Up to the last close, the stock was down 13.2%.
