Oppenheimer Maintains Outperform on Renren

Oppenheimer is out with its report today on Renren (NASDAQ: RENN), maintaining Outperform.

In a note to clients, Oppenheimer writes, "RENN is a leading social networking site in China focusing on real identity users and interactions. With favorable macro trends, Internet time/usage shifting more toward social networking, online ad-spend increasing as a percentage of ad-spend in China and Facebook blocked off by China's firewall, we feel RENN is poised to become a leading SNS company within China."

Oppenheimer maintains a $12 PT on RENN.

At the time of posting, shares of RENN were trading pre-market at $7.15, down 0.83% from Tuesday's close.