Jefferies Starts Renren Inc (RENN) at Hold

Jefferies initiates coverage on Renren Inc (NYSE: RENN) with a Hold rating and $9 price target.

The firm states, "Renren is the leading Chinese SNS platform in the 19-30-year-old groups, especially college and post-grad student segments. Brand advertising revenue is the strongest driver of top-line growth while social ads have just started to emerge. Overall profitability is under pressure as daily deal business Nuomi is facing intensified competition in a consolidating industry."

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 $7.52 yesterday.

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