Expect mild ads revenue growth in 1Q24

M N 11 Apr 2024 CMB International Global Markets | Equity Research | Company Update Baidu (BIDU US) Expect mild ads revenue growth in 1Q24 Target Price US$183.20 We expect Baidu Core to deliver mild ads revenue growth in 1Q24, driven by (Previous TP US$186.20) solid performance in travel and e-commerce verticals, but partly offset by the Up/Downside 77.8% soft performance in offline verticals which are in tune with macro activity levels. Current Price US$103.05 Baidu remains committed to investing in gen-AI ...