Oppenheimer analyst Jason Helfstein expects the novel Coronavirus to have a negative impact on the overall Chinese economy, especially transportation, lodging, catering, and offline retail, potentially slowing China's GDP growth by 100bps-200bps in Q1. However, based on the SARS impact in 2003, the analyst believes that economic growth will rebound rapidly, after the nCoV outbreak is contained. He also expects a negative impact on e-commerce and online advertising and travel, as key industry participants cannot resume full operations. Nonetheless, the outbreak could potentially benefit some Internet sectors including online games, online video, online music, social media, live streaming, and public cloud, as people spend more time online. Given these impacts, Helfstein sees Tencent (TCEHY) and Tencent Music (TME) as more resilient near-term, and is more cautious on Alibaba (BABA), Baidu (BIDU), and Trip.com Group (TCOM) near-term.

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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.