Citigroup: Baidu's revenue may be adversely affected by its advertising business, but maintains a buy rating on the stock and raises the target price of American Depositary Receipts.

A Citigroup report stated that for the remaining time of this year, Baidu's revenue may be affected by its advertising business. Looking ahead to the second half of the year, with artificial intelligence-generated content increasing to 64% in July, Citigroup predicts that Baidu's core advertising revenue in the third quarter will decrease by 23% year-on-year. Citigroup maintains a buy rating on Baidu stock, citing strong momentum in its cloud business and autonomous driving taxi business. Citigroup has raised its target price for Baidu's American depositary receipts from $140.00 to $143.00.