Macquarie raised the firm’s price target on Baidu (BIDU) to $85 from $83 and keeps a Neutral rating on the shares. The firm notes that Baidu reported strong Q1 2025 results, with AI cloud emerging as a primary growth driver. Core search weakness is likely to remain given ongoing product revamp. Robotaxi’s global expansion is still outweighing profitability for now, Macquarie says. The firm stays on the sidelines while lifting its 2025 adjusted EPS 8% to incorporate a stronger growth outlook for AI cloud.
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