大行评级丨小摩：上调百度目标价至185港元 评级升至“增持”

Core Viewpoint - Morgan Stanley upgraded Baidu's rating from "Neutral" to "Overweight" due to better-than-expected Q3 performance, raising revenue and adjusted EPS estimates for 2026 by 11% and 46% respectively, with a target price increase of 76% to HKD 185 [1] Group 1 - Baidu's cloud and AI businesses are expected to become the main growth engines and value drivers for the company [1] - The surge in Kunlun chip sales, which increased sixfold, is projected to accelerate Baidu's cloud revenue growth rate to approximately 61% by 2026 [1] - The estimated valuation of Baidu's cloud business is around USD 34 billion [1]