UPDATE: Stifel Nicolaus Reduces PT to $140 on Baidu on Search Landscape Visibility

Stifel Nicolaus reiterated its Buy rating on Baidu

but reduced its price target from $165 to $140. Stifel Nicolaus commented, "We maintain a Buy rating on the shares of Baidu. Given an evolving and less certain search landscape in China, we are reducing our target price from $165 to $140 which is equal to an enterprise value / adjusted EBITDA multiple of 16x our 2013 adjusted EBITDA estimate of $2.9 billion. With over 75% search market share in China, Baidu is one of the most dominant Internet companies in China. We believe the core growth opportunities for Baidu remain strong and the company has strong positions in emerging online businesses such as iQiyi (online video), and Qunar (online travel)." Baidu closed at $131.71 on Monday.