Raymond James and Stifel have downgraded Baidu (BIDU -10.6%) to Hold following its Q4 report (I,...

|By:, SA News Editor
Raymond James and Stifel have downgraded Baidu (BIDU -10.6%) to Hold following its Q4 report (I, II); the former is worried about 2013 margin pressure, mobile, and continued investments. CEO Robin Li mentioned on the earnings call Baidu now has 80M mobile search daily users, while adding the company is working with ad customers to create mobile-optimized sites (only a small % have done so thus far). Barclays asked whether Baidu's revenue/customer drop was due to competition from Qihoo (QIHU +3.2%); Baidu argued a mix shift towards SMBs was responsible.