Jefferies analyst Cynthia Meng cut estimates and her price target on Baidu (NASDAQ: BIDU) to $253.00 (from $283.00) but maintained an Buy rating following Q4 results and lower guidance.

Meng commented, "1Q15 lower-than-expected revenue guidance factors in late CNY timing and higher mobile traffic mix. We expect to see a strong 2Q15 rebound and maintain our FY15 revenue outlook. Expect continued investment in LBS and mobile to push back margin recovery to FY16. Revised down FY15/FY16 profit est. by 11%/12.8%, and expect the Street to follow. We see near-term stock correction as a buying opportunity. Maintain Buy; revise down PT by 11% to USD253."

The firm cut FY 2015 EPS from $8.79 to $7.84 and FY 2016 EPS from $12.40 to $10.85.

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Shares of Baidu closed at $214.67 yesterday.