"Mobile monetization is distant, macro conditions do not warrant aggressive pricing inflation, and online video is competitive," writes Goldman on Baidu (BIDU -7.9%), following its Q1 miss. The firm thinks surging SG&A and traffic acquisition costs will lead op. margin to fall to 39% in 2013 from 50.5% in 2012. Brean (downgrading to Hold) and Barclays also aren't confident about near-term mobile monetization. On the earnings call, CEO Robin Li admitted mobile ad prices, though "growing nicely," remain below PC prices. Rival Qihoo (QIHU -0.3%), which may have contributed to Baidu's 6.5% Q/Q drop in revenue per ad customer, was nearly unchanged.