UPDATE: Credit Suisse Reiterates Underperform Rating, Lowers PT on Baidu.com

In a report published Wednesday, Credit Suisse reiterated its Underperform rating on Baidu.com BIDU, but slightly lowered its price target from $83.00 to $82.00. Credit Suisse noted, “Reiterate UNDERPERFORM rating, structural de-rating story remains. Due to lower 4Q guidance, we cut our 2013/14E EPS by 1%. We are raising our 2012 EPS estimates by 1%. Baidu's revenue growth slowdown is due to: (1) ad market slowdown; (2) rising competition; (3) difficulty in mobile monetisation. We cut our target price from US$83 to US$82. Reiterate UNDERPERFORM.” Baidu.com closed on Tuesday at $113.84.