大行评级丨招银国际：看好百度云业务等释放更多进展 维持“买入”评级

Core Viewpoint - The report from CMB International highlights that Baidu's core advertising business and cash reserves are key factors supporting the company's valuation [1] - Future visibility in cloud business operations, advancements in autonomous driving taxis, and AI-related new business developments are expected to drive a revaluation of the company [1] Financial Analysis - CMB International employs a Sum-of-the-Parts (SOTP) valuation model, setting a target price of $148.4 for Baidu's U.S. stock [1] - The report maintains a "Buy" rating for Baidu, indicating confidence in the company's growth potential [1]