Pacific Crest bullish on the long-term outlook

Steve Weinstein, an analyst with Pacific Crest Securities,
wrote in a note to clients that he expects Baidu to have
trouble luring new advertisers and convincing existing
customers to spend more in 2009 because of the
economy.However, he said the company has lots of room
to grow beyond that because of strong growth in Internet
searching in China."Although we continue to see
near-term risk related to the economy, we view 2009
as a transition year and believe Baidu is well positioned
to capture a massive opportunity over the next several
years," Weinstein wrote. "We continue to like the shares
long term."