---
title: "Macquarie upgraded Baidu's rating to \"Outperform\" with a significantly raised target price of 171 yuan"
description: "Macquarie has upgraded Baidu's investment rating to \"Outperform,\" with a significant target price increase to 171 yuan. The report points out that Baidu is shifting towards diversified revenue sources"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/260843440.md"
published_at: "2025-10-13T06:46:47.000Z"
---

# Macquarie upgraded Baidu's rating to "Outperform" with a significantly raised target price of 171 yuan

> Macquarie has upgraded Baidu's investment rating to "Outperform," with a significant target price increase to 171 yuan. The report points out that Baidu is shifting towards diversified revenue sources, particularly in the fields of artificial intelligence cloud and autonomous driving. Although the core search business is under pressure, the market has anticipated its declining trend. The adjusted net profit forecasts have been lowered by 23% and 8%, reflecting the deleveraging effect. The chip design division is expected to contribute one-third of Baidu's valuation

Macquarie report indicates that Baidu (09888.HK) is shifting towards more diversified revenue sources, with positive option value from artificial intelligence cloud and autonomous driving. The firm also noted that Baidu's core search business may still face pressure as Baidu transitions from traditional search to generative search, but the market has fully anticipated its downward trend.

The firm has lowered Baidu's adjusted net profit forecasts for the next two years by 23% and 8%, reflecting the deleveraging effect brought about by the decline in the core search business, while upgrading the investment rating from "Neutral" to "Outperform." The target price has been significantly raised from 96 yuan to 171 yuan, with the chip design department potentially contributing one-third of Baidu's valuation (estimated at a 20 times sales multiple)

### Related Stocks

- [BIDU.US - Baidu](https://longbridge.com/en/quote/BIDU.US.md)
- [09888.HK - BIDU-SW](https://longbridge.com/en/quote/09888.HK.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.