TH Data Capital analyst Tian Hou lowered his price target for Baidu to $135 from $220 ahead of the company's Q2 results on August 19. Based on data and calculations, the analyst believes Baidu is likely to deliver Q2 net revenue in line with consensus but with better margin. Looking beyond quarterly earnings, however, Hou thinks 2019 is a "changing as well as a challenging year" for the company. The macro economy is weaker and competition is stronger, Hou tells investors in a research note. The analyst does not expect short-term revenue surprises but keeps a Buy rating on Baidu shares.

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