UPDATE: Jefferies Cuts PT to $5.49 on Renren

Jefferies lowers its price target two cents to $5.59 on Hold-rated Renren

as monetization is trailing the significant traffic growth. Jefferies notes, "Renren 4Q11 revenue was in line, earnings beat on higher than expected nonoperating income. Renren's users are increasingly shifting to mobile from PC, yet mobile Internet monetisation is currently only through mobile games. Expect weak seasonality in 1Q12. We estimate net cash per share to be USD3." RENN closed at $5.35 a share on Thursday.