Jefferies Comments On Renren (RENN) Following Q2 Results

Jefferies reiterated its Hold rating and $9 price target on Renren Inc (NYSE: RENN) following Q2 results.

The firm comments, "2Q11 results beat estimates on high ads revenue and lower-than-expected Opex. Overall SNS advertising outgrew the online ads segment, and Renren is a major beneficiary. Online game strategic priority is on licensed games, in which Tencent has clear advantages. Groupbuy profitability breakeven is a function of discontinuation of hot money investment in this sector; competition remains extremely fierce."

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 $7.78 yesterday.

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