Barclays analyst Jiong Shao lowered the firm’s price target on Baidu (BIDU) to $84 from $90 and keeps an Equal Weight rating on the shares. The company’s Q1 advertising revenue declined about 6% year-over-year, the analyst tells investors in a research note. The firm says Baidu’s strength in cloud is being overshadowed by accelerating cannibalization of advertising by artificial intelligence.
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