Baidu price target lowered to $180 from $210 at Benchmark

Benchmark analyst Fawne Jiang lowered the firm’s price target on Baidu to $180 from $210 and keeps a Buy rating on the shares ahead of the company’s Q1 earnings report slated for May 16. Local ad checks suggested muted offline and SME ad spending in a low seasonal quarter, says the analyst, who has decided to take “a conservative approach” and revised down the firm’s FY24 revenue and earnings estimates reflecting a lowered ad growth projection in light of a slow start.