摩根士丹利：百度核心广告业务增速或进一步放缓 下调ADR目标价

Core Viewpoint - Morgan Stanley's previous expectation of a rebound in Baidu's core advertising business this year may be delayed, as the growth rate for core advertising in the second quarter is likely to further slow down [1] Advertising Business - Analysts, including Gary Yu, predict a 10% year-over-year decline in Baidu's advertising business for the second quarter, primarily due to the ongoing transformation towards AI advertising [1] - Confidence in the recovery path for the advertising business continues to weaken amid soft revenue and increased investments in AI and autonomous taxi services, which may pressure profit margins [1] Cloud Business - The cloud business is expected to maintain a growth rate of 20%-30%, but its scale remains limited compared to peers [1] Price Target Adjustment - The target price for Baidu's American Depositary Receipts has been lowered from $100 to $95 [1]