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Baidu price target raised to $140 from $100 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Baidu (BIDU) to $140 from $100 and keeps an Equal Weight rating on the shares. Though the firm expects core ads to remain under pressure, bullish sentiment in AI cloud is driving the stock to re-rate, in particular given its proprietary AI chip value, the analyst tells investors. Valuation “looks stretched after the recent rally,” the analyst added.

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