--- title: "BIDU-SW Opens 12.4% Lower Sharply as Nomura, Citi Cut TP; CLSA Says 2Q Results In Line but Weak" type: "News" locale: "en" url: "https://longbridge.com/en/news/296289956.md" description: "Baidu shares dropped sharply after Nomura, Citi, and CLSA cut price targets. Nomura lowered its US TP to $154; Citi trimmed it to $166 citing slowing AI cloud growth and missed net profit due to investment asset valuation drops. CLSA reduced profit forecasts for 2026-2027, noting weak Q2 results despite meeting expectations. All brokers maintained positive ratings, citing potential catalysts like the Kunlunxin IPO and dual primary listing in Hong Kong." datetime: "2026-08-19T02:01:44.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296289956.md) - [en](https://longbridge.com/en/news/296289956.md) - [zh-HK](https://longbridge.com/zh-HK/news/296289956.md) generator: "portal-rs" --- # BIDU-SW Opens 12.4% Lower Sharply as Nomura, Citi Cut TP; CLSA Says 2Q Results In Line but Weak BIDU-SW (09888.HK) -13.100 (-12.957%) Short selling $112.21M; Ratio 15.748% opened 12.41% lower this morning (19th), at HKD88.55, with 897,300 shares traded in pre-market negotiated transactions, involving HKD79.4559 million. Baidu, Inc. (BIDU.US) closed down 12.7% overnight (18th) at USD90.87. Nomura issued a report saying that Baidu's short-term catalysts remain unchanged and maintained its Buy rating, while lowering its US stock TP from USD170 to USD154. Management targets completing the IPO of Kunlunxin this year and establishing Hong Kong as its primary listing venue. Nomura maintained its Buy rating as the Kunlunxin IPO is approaching despite short-term headwinds. Baidu Core's 2Q revenue and non-GAAP operating profit were broadly in line with lowered market expectations, but non-GAAP net profit missed market consensus due to reduced non-operating income. Baidu Core revenue sank 4% YoY, while operating profit contracted 13% YoY. CLSA said Baidu's 2Q results met expectations but remained weak, and lowered its adjusted net profit forecasts for 2026 and 2027 by 6% and 9%, respectively. Potential catalysts including the Kunlunxin IPO, dual primary listing in Hong Kong and dividends are expected to support the share price. The broker maintained its Outperform rating and US stock TP of USD150. Citi said the plunge of more than 10% in Baidu, Inc. (BIDU.US) overnight reflected slowing growth in AI cloud infrastructure revenue, which decelerated from 79% growth in 1Q to 50% growth in 2Q, even though GPU cloud revenue further accelerated to a 283% YoY increase. Net profit also missed expectations in wake of downfall in the fair value of investment assets and foreign exchange impacts, as well as limited visibility on the timetable for the potential Kunlunxin IPO. Citi trimmed its US stock TP from USD177 to USD166. In light of attractive valuation and the potential catalyst of a dual primary listing, Citi maintained its Buy rating. (HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-18 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.) ### Related Stocks - [C.US](https://longbridge.com/en/quote/C.US.md) - [8604.JP](https://longbridge.com/en/quote/8604.JP.md) - [09888.HK](https://longbridge.com/en/quote/09888.HK.md) - [BIDU.US](https://longbridge.com/en/quote/BIDU.US.md) - [NMR.US](https://longbridge.com/en/quote/NMR.US.md) - [89888.HK](https://longbridge.com/en/quote/89888.HK.md) - [C-R.US](https://longbridge.com/en/quote/C-R.US.md) ## Related News & Research - [Bitcoin lands on the same custody rails Citi uses for equities and bonds](https://longbridge.com/en/news/296272222.md) - [Lyntris Prices IPO at $17.50, Nets $69.5 Million in Evercore- and Citi-Led Underwriting](https://longbridge.com/en/news/296617491.md) - [REG - Nomura Intl. PLC Spire Healthcare Grp - Form 8.3 - SPIRE HEALTHCARE GROUP PLC](https://longbridge.com/en/news/296482337.md) - [Citi Ventures backs inKind in 2025 investment round amid Citi-led financing expansion](https://longbridge.com/en/news/295560521.md) - [Bitcoin Custody for Institutional Clients Is Coming to Citi Later This Year](https://longbridge.com/en/news/296259278.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**