Piper Jaffray analyst Michael Olson said Ctrip's (CTRP) share swap with Qunar (QUNR) gives it a valuable stake in a key competitor. Olson believes that the Qunar deal, paired with a prior transaction with eLong (LONG), should allow Ctrip to ease aggressive couponing in the market and lower marketing costs, providing an opportunity for a quicker return to 20-30% operating margins. The analyst added that, via the deals, Ctrip is now aligned with "two powerful traffic allies" in Baidu (BIDU) and Tencent (TCEHY). Olson keeps an Overweight rating and $91 price target on Ctrip shares.

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HSBC analyst Charlene Liu lowered the firm's price target on Baidu to $145 from $157 and keeps a Buy rating on the shares following the company's developer conference. The firm says Baidu's advertising outlook remains more challenging than it expected. It cut estimates on weaker a macro envinrment.