As previously reported, Loop Capital analyst Rob Sanderson initiated Baidu with a Hold rating and a price target of $125. The analyst sees Baidu as a "strong technology company" offering "multiple long-term upside options", but also points to the soft macro conditions and a more competitive environment for its product. Sanderson wants to see improved visibility in the company's core business, adding that while its enterprise AI, voice search and autonomous vehicle opportunities are "sizable" in the long term, they are not yet "investable" for fund managers.

HSBC analyst Charlene Liu lowered the firm's price target on Baidu to $145 from $157 and keeps a Buy rating on the shares following the company's developer conference. The firm says Baidu's advertising outlook remains more challenging than it expected. It cut estimates on weaker a macro envinrment.