CCB International released a research report raising the Hong Kong stock target price for BIDU-SW (09888) from HK$97.25 to HK$159.49, representing a 64% increase. The firm also raised the US stock target price for Baidu (BIDU.US) from $100 to $164, a 64% increase, while maintaining an "Outperform" investment rating.

CCB International expects Baidu's third quarter fiscal year 2025 results to be largely in line with the firm's expectations and institutional consensus. Despite the ongoing transformation in GenAI search business, the robust growth in cloud business (22% year-over-year growth) and 27% growth in non-advertising business partially offset this impact.

CCB International's earnings forecasts for Baidu for 2027-2028 remain largely unchanged.