Citigroup maintained a positive outlook on Baidu Inc. on October 14, 2025, raising the company's target price from $143 to $166 while keeping a Buy rating. The bank's analysis, which comes ahead of Baidu's third-quarter earnings report expected in mid-November, anticipates the results will largely align with market expectations. Citi forecasts Baidu's AI cloud revenue to grow by 20% year-over-year, although it expects core advertising revenue to decline by 23% year-over-year. The firm's overall third-quarter revenue projection for Baidu is RMB30.6 billion, representing an 8.7% decrease from the previous year.