Macquarie: Upgrades Baidu Group-SW rating to "Outperform" with a significant target price increase to HKD 171
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Macquarie released a research report stating that Baidu Group-SW is shifting towards more diversified revenue sources, with positive option value brought by artificial intelligence cloud and autonomous driving. The firm upgraded Baidu's investment rating from "Neutral" to "Outperform." The target price was significantly raised from HKD 96 to HKD 171, with the chip design department potentially contributing one-third of Baidu's valuation (estimated at a 20 times price-to-sales ratio)
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