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Fly News Breaks for February 28, 2020
Feb 28, 2020 | 10:17 EDT
Daiwa analyst John Choi downgraded Baidu to Outperform from Buy with a $135 price target following last night's Q4 results. While not surprised at the "soft" Q1 revenue growth guidance for Baidu's core business, the analyst is concerned that the coronavirus outbreak will lead to a series of budget cuts by its major advertising customers. As such, Choi, who sees limited downside at the current share price, anticipates limited upside until the end of 2020, when Baidu's traffic is likely to translate into revenue.
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