Baidu (BIDU) PT Lowered to $245 at US Tiger Securities Into Q1

April 7, 2022 1:06 PM EDT
Get Alerts BIDU Hot Sheet
Price: $132.64 --0%

Rating Summary:
    28 Buy, 12 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 31
Join SI Premium – FREE

News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.

US Tiger Securities analyst Bo Pei lowered the price target on Baidu (NASDAQ: BIDU) to $245.00 (from $250.00) while maintaining a Buy rating ahead of Q1 results.

The analyst commented, "Ahead of BIDU's 1Q22 earnings, we are maintaining our BUY rating but lowering PT to $245 (was $250). We expect 1Q results to be largely in line, but we are lowering our 2Q revenue and profit estimates to reflect the surging COVID-19 cases in Shanghai, on top of a soft macro outlook. We now expect BIDU core ad revenue to decline 9%/11% y/y in 1Q/2Q vs. prior (9%)/+1%. Thus, we are also lowering our profit estimates as digital ad is BIDU's profit engine. We still see positive y/y growth in 2H, assuming the COVID-19 cases can be controlled in 2Q. We are also adjusting down our growth estimate for BIDU's AI businesses (AI Cloud, Smart Transportation, ADAD, etc.), modeling 41% y/y growth for 2022 (vs. prior 45%). Overall, despite the macro challenges in the NT, we continue to like BIDU given its leadership in China's AI and autonomous driving markets and an attractive valuation (6x '23E EBITDA)."

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, Analyst EPS View, Analyst PT Change

Related Entities