UPDATE: Mirae Asset Lowers PT on Baidu.com to $180

Mirae Asset reiterates a Buy rating for Baidu.com BIDU and lowers its price target to $180. Mirae Asset explains, “Following our recent trip to China, we found that the industry is as divided on BIDU as the Street. We believe BIDU has near-term earnings risk as its price hike in March has backfired. While our concern on margin pressure due to competition from QIHU and SOGOU has alleviated, Taobao's aggressive revenue sharing scheme has put BIDU's Traffic Acquisition Cost (TAC) under pressure.” BIDU closed at $121.30 on Monday.