Baidu's US-listed shares fall after Jefferies cuts PT

U.S.-listed shares of search engine giant Baidu BIDU.O fall 7.2% to $86.60

Jefferies cuts PT on BIDU to $110 from $120, still an upside of ~18% to stock's last close

Brokerage says it expects Q2 Baidu Core revenue to decline by about 3% YoY to about 26 billion yuan ($3.62 billion) vs the prior estimate of 1% YoY decline

Expects Q2 Baidu Core online marketing revenue to decline by about 16% YoY vs 10% decline expected previously - brokerage

According to Wall Street est compiled by LSEG, Q2 online marketing revenue is expected to fall ~11%

Brokerage suggests revenue fall due to weaker ad demand and sluggish AI products monetization, among other reasons

BIDU's multi-year deal with Uber Technologies UBER.N shows Chinese co's leading position in autonomous tech - brokerage

18 of 31 brokerages rate the stock "buy" or higher, 12 "hold" and 1 "sell" and their median PT is $99.65 - LSEG

As of last close, stock down ~10% this year

($1 = 7.1830 Chinese yuan renminbi)