Brean Capital Downgrades Baidu (BIDU) to Hold
Analyst Fawne Jiang comments, "With mobile traffic growth continuing to outpace PC, China Internet is going through a transformational period. Along with the industry, BIDU is facing increasing challenges of slowing PC growth and a lack of mobile monetization. While we are positive on the company’s commitment in mobile and see ample growth potential in mobile down the road, we have limited visibility as to how long the investment life cycle could be. With substantial margin contraction ahead, BIDU’s earnings’ growth will likely be muted."
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Shares of Baidu closed at $92.34 yesterday, with a 52 week range of $82.98-$136.20.