Baidu's Hong Kong shares climb most in 3 years on AI progress; Jefferies lifts PT

** Hong Kong-listed shares of Baidu Inc BIDU soar 19.6% to HK$135.4, their highest level since September 2023

** Stock on track for biggest one-day pct rise since March 2022; top pct gainer on Hang Seng Tech Index HHSTECH and benchmark Hang Seng Index HSI

** U.S.-listed stock BIDU rose 7.8% on Tuesday

** Jefferies maintains "Buy" rating on the stock and lifts price target of the U.S. shares to $157 from $108 and Hong Kong stock to HK$152 from HK$104, to factor in the latest business trends with focus on user experience in AI search transformation

** Jefferies: Baidu is drawing attention with its recent developments in AI, including being ranked a key player in terms of market share in AI Cloud revenue, and Kunlun chip development, among others

** YTD, Hong Kong stock up 60.5%, U.S.-listed shares up 46.9%