Baidu’s Improved Revenue Outlook Should Offset the Impact of Margin Pressure in the Near Term
We are planning to maintain our fair value estimate of $217 per share for wide-moat Baidu. While we think operating margin will decline in the near term, we are now more confident in increasing revenue growth, driven by feed revenue and a recovery in the search ad business. Management guided sequential increase of 20% for feed revenue in the second through the fourth quarter of 2018. Baidu’s fourth quarter revenue met our estimate but beat the group’s guidance, driven by feed revenue and strong ...
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