UPDATE: JP Morgan Reduces PT to $3.15 on Renren on Mixed Business Momentum

JP Morgan reiterated its Sell rating on Renren

and lowered its price target from $3.19 to $3.15 JP Morgan commented, "We expect Renren's online ads to face increasing pressure in 2H12 and to decline on a YoY basis. We expect the online gaming and group-buy businesses to continue their strong momentum, driven by favorable market trends. This mixed business momentum is likely to lead to a broadly in-line topline growth but margins could surprise on the downside on inv activities." Renren closed at $3.95 on Wednesday.