Deutsche Bank Upgrades Renren Inc (RENN) to Hold on Valuation

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Deutsche Bank upgraded Renren Inc (NYSE: RENN) from Sell to Hold with a price target of $3.24 (from $3.13) on valuation.

The firm comments, "In our view, Renren is moving towards the mid stage of its investment cycle, which improves its financial visibility. Solid gaming revenue growth and consistent platform user base gains are early indicators of investment returns. We expect growth in investment spend to slow down over the coming quarters and some investments to gradually generate financial benefits. We forecast the operating loss to narrow to USD44m in 2013, from USD91m in 2012. We believe the stock is fairly valued and upgrade it to Hold on valuation."

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 $3.43 yesterday, with a 52 week range of $3.21-$7.87.

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