UPDATE: Goldman Sachs Lowers Baidu.com's PT

According to a research report published this morning, Goldman Sachs has decreased Baidu.com's

PT from $176 to $160. In the report, Goldman Sachs commented, "We trim our 2012E-2014E EPS by up to 2%, reflecting lower gross margins and slightly lower revenue growth, and cut our 12-m TP to US$160 (from US$176) on 35X 2012E non-GAAP P/E, implying 25X 2013E P/E. Despite slight haircuts to earnings and our still-positive views on the longer term search market opportunity, we think valuations could remain materially discounted relative to growth (29% 2012E-2015E EPS CAGR) due to potential near-term competitive challenges from vertical search/directory sites, and likely margin pressure from ongoing investments to support mobile traffic growth and cloud computing." Goldman Sachs maintains its Neutral rating on Baidu.com, which closed yesterday at $135.83.