UPDATE: Mirae Asset Lowers Baidu.com's PT

According to a research report published earlier today, Mirae Asset has lowered Baidu.com's

PT from $215 to $208. In the report, Mirae Asset commented, "We believe BIDU's soft 2Q12 guidance is mainly a result of the soft economy. Our recent channel checks suggested that advertising was weak across the board. Other reasons attributable to BIDU's soft 2Q outlook include: (1) more cautious spending by big customers; (2) management rotation, which delayed the implementation of several key initiatives; (3) a more stringent IPO and startup environment, which reduced the amount of “hot money” flowing to advertising. We, however, don't see BIDU's fundamentals having any issues and hence we see its top line growth rate stabilizing at 50-60% for a few quarters going forward." Mirae Asset maintains its Buy rating on Baidu.com, which is currently trading at $135.63.