Baidu Shares Down ~3% Following Barclays Downgrade to Equalweight

Barclays downgraded Baidu, Inc. (NASDAQ: BIDU) from Overweight to Equalweight this morning, also lowering the price target from $137.00 to $113.00.

The firm said upside in the stock will be limited given near-term earnings risk and a lack of visibility related to Baidu's mobile Internet initiatives. Barclays also cited Qihuoo's (NASDAQ: QIHU) monetization of search traffic.