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Baidu Inc. (NASDAQ:BIDU) continues to shine in cloud computing and generative AI amid China’s mixed economic recovery. Mizuho (NYSE:MFG) analysts raised their price target to $105 from $95, maintaining an "Outperform" rating due to Baidu’s AI-driven momentum and attractive valuation.
Cloud revenue surged 26% year-over-year in Q4, fueled by growing AI adoption. Generative AI now contributes a double-digit percentage of total revenue. Baidu's strategic decision to open-source its upcoming ERNIE 4.5 model is expected to accelerate mass adoption, aligning with trends seen in DeepSeek’s AI offerings.
AI integration across Baidu's core business is expanding, with 22% of search results pages featuring AI content. The company’s Ernie LLM API usage skyrocketed to 1.65 billion daily calls in December, a significant jump from 50 million a year earlier.
Despite a 7% decline in advertising revenue, Mizuho analysts anticipate a gradual recovery in 2025, driven by AI-powered search monetization and macroeconomic policy support. While seasonal softness is expected in early 2025 due to the Lunar New Year, year-over-year revenue trends are projected to improve.
Mizuho raised its 2026 core EBITDA forecast for Baidu by 5% to 31 billion yuan, citing sustained AI adoption and macroeconomic factors. Analysts also highlighted Baidu’s cloud business as a potential $30 per share value booster, while generative AI is seen as a “free call option” at current trading levels.
Despite these positive developments, Baidu’s U.S.-listed shares fell 7.5% on Tuesday. However, analysts remain optimistic about the company’s AI-driven growth strategy and long-term upside potential.
