BIDU 3Q25 Preview: Top line Intact
What’s New: We maintain our Baidu Core total rev estimates in the 2H as ads would continue to be adversely impacted by restructuring of AI search. Cloud could continue to decelerate in the 2H partly due to tougher comps. We up our PT from US$110 to US$140 partly due to multiples rerating on AI. Our updated PT of US$140 implies an 18.8x FY26E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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