Macquarie analysts upgraded their rating on Baidu's stock to 'Outperform' from 'Neutral' on October 10, 2025, nearly doubling the price target to $176 from $91. The upgrade was based on the view that the company is successfully diversifying its revenue streams beyond its core search business, with its cloud services, AI chips, and robotaxi ventures identified as significant emerging drivers. Macquarie expressed optimism about Baidu's position to capitalize on China's increasing adoption of AI cloud technology. Despite the positive analyst rating, Baidu's U.S.-listed shares saw a decline in premarket trading on Friday and closed lower, influenced by broader market concerns over escalating US-China trade tensions that negatively impacted Chinese tech stocks.