UPDATE: Jefferies Lowers PT on Renren on 4Q12 Revenues

In a report published Monday, Jefferies reiterated its Hold rating on Renren

, but slightly lowered its price target from $3.70 to $3.00. Jefferies noted, “4Q12 revenues beat JEF and consensus, losses are smaller than our estimates and Street; est. 1Q13 guidance is 2-6% below Street expectation. Strong games business growth with upside potential from Android platform. Challenging PC-based ads given niche student user-base and intensified competition, mobile ads still being trialed. Maintain Hold, PT revised down by 18.9% to USD3.00.” Renren closed on Friday at $3.07.