Baidu (BIDU -0.5%) underperforms after Goldman lowers its PT to $135 from $160, while...
Tuesday, June 19, 2012, 1:48 PM ETBaidu (BIDU -0.5%) underperforms after Goldman lowers its PT to $135 from $160, while reiterating a Neutral. In a refrain Google, Facebook, and Pandora investors know too well, Goldman is worried about the impact of smartphone/tablet use on Baidu's ad monetization, and is also concerned about the cost of its cloud services investments. The firm notes mobile now makes up 20% of search traffic, and is expected to surpass PC traffic by 2015. (previous)
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