Samsung Securities Starts Renren Inc (RENN) at Sell
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Price: $1.65 --0%
Rating Summary:
1 Buy, 7 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
1 Buy, 7 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Earlier, Samsung Securities initiated coverage on Renren Inc (NYSE: RENN) with a Sell rating and $5.35 price target.
The firm states, "While we like Renren's real-name SNS strategy, we are concerned that the share price has gotten ahead of company fundamentals. Moreover, there is a clear risk that other SNS platforms, especially Sina's (Nasdaq: SINA) Weibo and Tencent's QQ Pengyou, will continue to take market share from the firm. We recommend investors to SELL Renren shares at current levels. Our below consensus 12-month target price is US$5.35, based on a 10-year discounted cash flow analysis. We are the only SELLer on the Street."
For more ratings news on Renren Inc click here and for the rating history of Renren Inc click here.
Shares of Renren Inc closed at $9.94 yesterday.
The firm states, "While we like Renren's real-name SNS strategy, we are concerned that the share price has gotten ahead of company fundamentals. Moreover, there is a clear risk that other SNS platforms, especially Sina's (Nasdaq: SINA) Weibo and Tencent's QQ Pengyou, will continue to take market share from the firm. We recommend investors to SELL Renren shares at current levels. Our below consensus 12-month target price is US$5.35, based on a 10-year discounted cash flow analysis. We are the only SELLer on the Street."
For more ratings news on Renren Inc click here and for the rating history of Renren Inc click here.
Shares of Renren Inc closed at $9.94 yesterday.
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