Deutsche Bank downgrades to Hold from Buy

Price target reduced to $411 from $426 by Alan
Hellawell. Hellawell says the China-based
Internet search engine company’s stock price
“has accurately factored in near-term catalysts
and potential for upside is limited.” The analyst
adds in a research note that an “extensive round
of channel checks” ahead of Q3 results with leading
ad brokers and consultants finds that the company
may have met the low end of prior Q3 guidance.
“We believe scope for surprise in average ad spend
and margins to be limited,” he writes.