Renren (RENN) Sees Weak Ads, Strong Games, Mobile Shift

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Jefferies maintained a Hold rating on Renren Inc (NYSE: RENN) and trimmed its price target to $3.70 (from $3.80).

Commenting on Renren's quarterly results, analyst Cynthia Meng said, "Online ads remain weak due to soft macro, rising competition and fast shift from PC to mobile. Online games remain strong driven by in-house developed cross-platform games with solid pipeline and expansion to Android."

Going forward, mobile monetization remains the most strategic area of investment for RENN, noted analysts, as 50 to 60 percent of Renren traffic is expected to shift to mobile in the next 12 months.

For an analyst ratings summary and ratings history on Renren Inc click here. For more ratings news on Renren Inc click here.

Shares of Renren Inc closed at $3.38 yesterday, with a 52 week range of $3.21-$7.87.

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