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Morgan Stanley Downgrades Baidu to 'Underweight', Cuts Target Price to $80

On August 19, Morgan Stanley lowered its core revenue forecasts for Baidu (BIDU.O) for 2026 to 2028 by 1% to 9%, and cut its non-GAAP operating profit forecast by 6% to 31%, reflecting weak revenue and increased investments in artificial intelligence. Baidu's target price for U.S. stocks was significantly reduced by 38.5% from $130 to $80, which corresponds to a projected price-to-earnings ratio of 10 times for 2027. The rating was downgraded from 'Equal-weight' to 'Underweight'. (Jin Shi)

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