＜Research＞UBS Chops BIDU-SW (09888.HK) TP to $146 as Ad Biz Continues to be Pressured in Short Term

　　UBS released a research report chopping its target price for BIDU-SW (09888.HK) +0.500 (+0.549%) Short selling $76.37M; Ratio 28.807% from $161 to $146, with rating kept at Buy.

　　UBS remained cautious on its short-term core growth, and expected its 2Q24 core advertising revenue to fall by 3% YoY, mainly due to the weakening macro-economy, a high base in the same period of 2023 and the need to continue to develop its AI-powered search function.

　　Related NewsJefferies Lowers BIDU-SW (09888.HK) TP to $168, 2Q Core Rev. Predicted Flat YoY

　　UBS believed that the slowdown in China's economic activity will have an impact on BIDU-SW's advertising business. In addition, AI-powered search has yet to monetize and is temporarily affecting core advertising growth, which is believed to continue into 3Q24 before improving in 4Q24.

　　(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2024-07-17 12:25.)

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