Deutsche Bank maintained a Hold rating on Baidu (NASDAQ: BIDU) and lowered its price target to $181.00 (from $194.00). The change followed Q4 results and weak Q1 guidance.

"Baidu 4Q rev missed DBe by 2%, but the company delivered a strong bottomline beat on a one-off gain from the Uber/Didi transaction. Non-GAAP margin excluding the one-off item was 2% better than DBe. Both iQiyi and transaction services (aka O2O) margin drag widened, the latter due to less operating leverage in the weakened business. 1Q revenue guidance of RMB16.48bn17.03bn was 0-3.5% below DBe/street. We expect the search business recovery to take time, while newsfeed should become increasingly important in its revenue contribution. We expect 2017 total revenue to grow 21% YoY," said analyst Alan Hellawell.

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Shares of Baidu closed at $184.64 yesterday.