UPDATE: Barclays Raises Renren's PT
According to a research report published this morning, Barclays has increased Renren's (NYSE: RENN) PT from $5.50 to $5.80.
In the report, Barclays said, "We maintain 2-EW and adjust our 12-month price target to US$5.80 based on revised estimates and DCF analysis. Although RENN delivered stronger-than-expected 1Q12 results, it guided for 2Q12 revenue to be below its previous expectation mainly due to soft advertising demand. We see its timely investment in online games and strategic focus on mobile games monetisation paying off this year as strength in gaming traction helps to navigate through a tough advertising environment."
Barclays maintains its Equal-weight rating on Renren, which closed yesterday at $5.49.
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