to clients that Baidu has gone from being one of the
most defensive media stocks to buy to now "one of
the most exposed to the slowing economy.""Although
Baidu is making all the right moves, we believe
that -- at the current price -- the risk-reward going
forward is not favorable," he wrote. "It is too early
to buy or cover shorts, as we expect the stock will
trade lower in coming quarter(s)."