Renren (RENN) PT Bumped Higher at BofA/Merrill Lynch; 'Underperform' Maintained

BofA/Merrill Lynch analyst Eddie Leung bumped his price target on Renren Inc (NYSE: RENN) to $3.10 (from $2.80) but maintained an Underperform rating following Q2 results. The analyst sees a stabilizing cost base and a push for the niche user segment.

The firm cut 14E/ 15E/ 16E revenues by 7%/ 28%/ 32% to reflect the continuous transitional impact on its topline. But they also expect 14E/ 15E/ 16E op losses to narrow by 6%/ 8% / 60% due to the cost control measures, and a turnaround in 2H16.

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 $3.27 yesterday.

You May Also Be Interested In

• Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies
• First Cash Financial (FCFS) PT Lowered to $140 at TD Cowen
• Keefe, Bruyette & Woods Upgrades Trustmark (TRMK) to Outperform