UPDATE: CICC Lowers Baidu.com's PT

According to a research report published this morning, CICC has decreased Baidu.com's (NASDAQ: BIDU) PT from $200 to $195.

In the report, CICC explained, "We leave our 2012e earnings forecast roughly unchanged at US$4.7, but revise down 2013e 7% to US$6.5, mainly reflecting the company's increasing investments in cloud computing and mobile internet. We also slightly trim its TP from US$200 to US$195. We expect the growth profile for the next two years to bode well for Baidu to trade at 25~30x 2013e non GAAP EPS, which translates into a price range of US$163~195, though we have realized there are increasing challenges for Baidu's current search model from mobile internet, other search models (browser bundling) and social ecosystems. Investment risks mainly come from stronger than expected growth deceleration, competition and macro uncertainties."

CICC maintains its Buy rating on Baidu.com, which is currently trading at $135.06.