Jefferies' most recent research report highlights that Baidu's recent strides in artificial intelligence (AI) have captured significant market interest. The tech giant has clinched numerous sizable AI partnership deals, showcasing remarkable achievements in capturing market share for AI cloud services revenue and in penetrating large-scale client bases. Notably, there has been substantial headway in the research and development endeavors surrounding Kunlun chips. Moreover, Baidu's AI agent and digital human ventures are witnessing swift expansion, while its autonomous driving platform, Apollo Go, is stepping up its international presence. The report posits that Baidu's current share price already adequately accounts for its focus on enhancing user experience throughout its AI-driven search transformation. Consequently, Jefferies reaffirms its 'Buy' recommendation and adjusts the target price upwards for Baidu's U.S.-listed shares from US$108 to US$157, and for its Hong Kong-listed counterparts from HK$104 to HK$152.