BOCI highlighted in a report Baidu (BIDU.US) 's announcement that Ernie Bot has reached 200 million users and 200 million daily API calls. The group also launched a series of toolkits for developers.
The broker saw a realignment of Baidu's strategy towards PaaS-type services, which will encourage partner companies to better develop their AI applications/models on Baidu Cloud, leveraging the company's large language models and computing power to achieve more efficient operations.
BOCI lowered its 2024 to 2026 earnings forecast for Baidu and trimmed its US shares target price to US$168.25 from US$170.85, but reiterated its Buy rating.
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