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<Research>M Stanley Raises Baidu (BIDU.US) TP to USD150, Foresees Last Qtr Non-GAAP OP to Dip 40.5%
Recommend 2 Positive 9 Negative 0 |
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Morgan Stanley released a report estimating that BIDU-SW (09888.HK) will report a core revenue of RMB26.1 billion in 4Q25, representing a YoY shrinkage of 5.6%. The YoY decline in online ads revenue is expected to narrow from 19% in 3Q25 to 16%, mainly due to the still limited monetization capability of AI-generated content in ads. The broker stated that the visibility of when the ads business will reach a watershed remains limited. Morgan Stanley reiterated its Equalweight rating for Baidu (BIDU.US) in the US market, with a target price raised from USD130 to USD150. The broker forecast that Baidu's non-GAAP OP for the last quarter will reach RMB2.8 billion, down 40.5% YoY. It expected Baidu's non-GAAP core OP to improve QoQ, and Baidu's OP to further elevate this year. Potential improvements in shareholder returns (dividends, buyback updates, or expansions) and the value release of its Kunlunxin and autonomous taxi branch Apollo Go remain key focus areas, Morgan Stanley mentioned. The company is also planning a dual primary listing, potentially to be included in the Southbound Connect (expected to be completed in 2H26). AASTOCKS Financial News Website: www.aastocks.com |
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