Jefferies Cuts Target on Renren (RENN) Ahead of Q4 Results

Jefferies cuts is price target on Renren Inc (NYSE: RENN) from $9 to $5.51 ahead of Q4 results on March 9.

The firm comments, "We expect weak seasonality for online ads and online games in 4Q11, with widening operating loss. Due to Mobile Internet investment, 56.com and group-buy platform, Renren will remain loss-making for FY12. Revise down PT by 39% to USD5.51, and we estimate net cash per share of USD3. Maintain Hold. Positive surprises include faster than expected eCommerce adoption, Mobile Internet breakthrough."

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 $5.51 yesterday.

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