Baidu price target lowered to $138 from $139 at Citi

Citi lowered the firm’s price target on Baidu (BIDU) to $138 from $139 and keeps a Buy rating on the shares. The company’s Q1 cloud revenue accelerated to 42% year-over-year growth, thanks to demand from project-based and subscription-based enterprise customers, the analyst tells investors in a research note. The firm sees an “undemanding valuation” at current share levels but believes the share price is unlikely to see a re-rating before Baidu’s core advertising revenue regains positive growth.