UPDATE: Barclays Lowers Sohu.com's PT

According to a research report published this morning, Barclays has decreased Sohu.com's SOHU PT from $61 to $56. In the report, Barclays commented, "After providing disappointing 2Q12 guidance and commenting on the change of strategy for its video sales team, Sohu had reset expectations even lower. Portal business (including video) + Sogou will be loss-making this year and struggle to gain profitability into 2013 unless there is a top-line rebound and costs come down dramatically from 2012. All of these will be supported/funded by the earnings stream from Changyou, which at least is maintaining relatively stable growth and strong cash flow." Barclays maintains its Overweight rating on Sohu.com, which closed yesterday at $50.30.