UPDATE: Morgan Stanley Downgrades Baidu on Robust Sales Expansion, yet Heavier Investment Ahead

In a report published Thursday, Morgan Stanley analyst Philip Wan downgraded the rating on Baidu (NASDAQ: BIDU ) from Overweight to Equal-Weight, and lowered the price target from $185.40 to $179.60. In the report, Morgan Stanley noted, “We downgrade from OW to EW mainly due to a softer margin outlook