Renren Given New $3.00 Price Target at Jefferies Group (RENN)
“4Q12 revenues beat JEF and consensus, losses are smaller than our estimates and Street; est. 1Q13 guidance is 2-6% below Street expectation. Strong games business growth with upside potential from Android platform. Challenging PCbased ads given niche student user-base and intensified competition, mobile ads still being trialed.,” Jefferies Group’s analyst wrote.
Renren traded up 1.30% on Monday, hitting $3.11. Renren has a 52-week low of $2.85 and a 52-week high of $7.87. The stock’s 50-day moving average is currently $3.20. The company’s market cap is $1.170 billion.
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks upgraded shares of Renren from an underperform rating to a neutral rating in a research note to investors on Monday. They now have a $3.10 price target on the stock. Separately, analysts at Bank of America cut their price target on shares of Renren to $3.50 in a research note to investors on Monday. Finally, analysts at Barclays Capital cut their price target on shares of Renren from $4.20 to $3.90 in a research note to investors on Monday. They now have an equal weight rating on the stock.
One research analyst has rated the stock with a buy rating, and nine have given a hold rating to the company’s stock. The stock currently has a consensus rating of hold and a consensus price target of $4.08.
Renren Inc. operates real name social networking Internet platform in the People’s Republic of China.
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