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<Research>Citi Raises Baidu (BIDU.US) TP to USD186; Mkt Eyeing Mgmt's Comments on Kunlunxin's Listing Progress
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Citi has published a report predicting that BIDU-SW (09888.HK) will release its 4Q25 results after the Lunar New Year.

The market will focus on BIDU-SW management's comments regarding Kunlunxin's listing progress, shareholder returns or improvements, and the YoY and QoQ growth trends of AI-related revenues (e.g., AI cloud infrastructure, AI applications, and autonomous taxi operations data).

Related NewsUBS Expects Baidu's 4Q25 Results to Meet Expectations; AI Cloud Infra Remains Key Growth Driver
Considering Kunlunxin's upcoming listing, Citi has reassessed its segment valuation model and valued the Kunlunxin segment at USD13.3 billion. The broker reiterated a Buy rating on Baidu (BIDU.US) and raised its target price from USD181 to USD186, citing that its stock price could benefit from further valuation unleashing.
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