UPDATE: Deutsche Bank Downgrades Renren to Sell

According to Deutsche Bank, Renren

is downgraded to Sell. Deutsche Bank said that it believes mgmt is committed heavy investment in 2012 in order to capture various opportunities within China's ever-evolving Internet. “Our US$0.51 per share valuation of Renren ex-Nuomi is based on: 1) US$7m 2012E in non-GAAP net profit and a 30x 2012E ex-cash PE. Our US$0.11 share valuation for Nuomi is based on 4x 2012E price-to-sales.” Renren closed yesterday at $5.19.