UPDATE: Jefferies Lowers PT on Renren Following 1Q13 Revenue

In a report published Tuesday, Jefferies analyst Cynthia Meng reiterated a Hold rating on Renren

, but slightly lowered the price target from $3.00 to $2.70. In the report, Meng noted, “1Q13 revenue and non-GAAP profit beat both consensus and our estimates. 2Q13 guidance is 8-11% below Street. Gaming pipeline for Android platform is delayed to 2H13. Advertising business remains challenging as 74% of traffic is now on mobile. Nuomi business continues to adopt market expansion strategy. Maintain Hold; PT revised down to USD2.70.” Renren closed on Monday at $2.99.