摩根士丹利称，此前该行预期的百度核心广告业务将在今年实现反弹的观点或被推迟，因第二季度核心广告增速可能进一步放缓。将百度的美国存托凭证目标价从100美元下调至95美元。

Core Viewpoint - Morgan Stanley's previous expectation of a rebound in Baidu's core advertising business this year may be delayed due to a potential further slowdown in core advertising growth in the second quarter [1] Summary by Category - Company Performance - Baidu's American Depositary Receipt (ADR) target price has been lowered from $100 to $95 [1]