UPDATE: Stifel Nicolaus Downgrades Baidu to Hold on Mixed Q4 Results

Stifel Nicolaus downgraded Baidu (NASDAQ: BIDU ) from Buy to Hold and removed the price target of $130.00. Stifel Nicolaus said, "We are downgrading the shares of Baidu from Buy to Hold as the company's financial model adjusts to a much higher level of investment spending behind the iQiyi online