Daiwa: Upgrades Baidu Group-SW rating to "Buy" with a target price raised to HKD 158

Daiwa released a research report stating that the rating for Baidu Group-SW has been upgraded from "Outperform" to a strategic "Buy," with the target price raised from HKD 92 to HKD 158. The firm believes there are two recent catalysts, including the "Baidu World 2025" annual event on November 13 and the financial disclosure of improved performance in new businesses in the third quarter earnings report at the end of November. The firm pointed out that while Baidu's marketing business may lead to a significant revision in earnings performance for 2026, it believes in the prospects of Baidu transforming from an online marketing company to a technology company, and that limited investor holdings in the company may drive the stock price further up