JPMorgan upgraded Baidu (BIDU) to Overweight from Neutral with a price target of $188, up from $110. The company’s “narrative is shifting” as cloud and artificial intelligence are now set to become its primary growth engines and value drivers, the analyst tells investors in a research note. The firm estimates Baidu’s cloud revenue growth can accelerate to 61% in 2026 from 23% in 2025. The market is underestimating the company’s transformation, contends JPMorgan.
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