Analysts: Citi downgrades Baidu to hold

Citi downgrades Baidu.com (Nasdaq: BIDU) from
Buy to Hold. Price target dropped from $425
to $350.

Citi analyst says, "Increasing competition
from the Alibaba Group might trim rev. growth
by year end. Another concern is the magnitude
and timing of possible capex for Baidu to
enter China's C2C market, as well as its
spending for the Japan ramp-up. Despite a
recent pullback in the shares and our
expectations for a solid 4Q07, we will be
more comfortable with the risk/reward when
we get greater clarity on these issues."