Macquarie upgraded Baidu (BIDU) to Outperform from Neutral with a price target of $176, up from $91. The company has transitioned to more diversified revenue streams with cloud, artificial intelligence chips and robotaxis emerging as more tangible drivers, the analyst tells investors in a research note. The firm believes Chinese enterprise demand is entering an inflection point, with accelerated AI cloud adoption. Baidu is positioned to benefit given its strong distribution channels and foundation model capabilities, contends Macquarie.
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