New Street: BIDU 2Q21 Results - Wide Guidance Range Reflect Lack of Near Term Visibility
What's new: Baidu’s reported 2Q21 top-line results were largely in-line with our estimates and above consensus estimates driven by strong growth momentum on non-advertising revenues. The wide guidance range reflects uncertainty on the resurgence of cases in China which could slowdown recovery of the ads business. We maintain our PT USD250 which implies a 21.6x 2022 PE multiple.Analysts:
Jin Yoon
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