Major Bank Ratings | Citi: Raises Baidu US Stock Target Price to $188, Maintains "Buy" Rating

Gelonghui, February 27th｜A certain exchange published a report stating that Baidu's Q4 2025 revenue met expectations and its profit exceeded expectations. Looking ahead to 2026, the bank expects Kunlun Chip's revenue to reach 13.2 billion yuan, accounting for 52% of total AI cloud infrastructure revenue, with this business's revenue projected to grow 30% year-on-year to 25.6 billion yuan. AI-native marketing business revenue is forecasted to increase 51% year-on-year to 14.8 billion yuan. Based on reasonable valuation, potential premium from the spin-off of Kunlun Chip, and the overseas expansion momentum of the robotaxi business, the “Buy” rating is maintained.