UPDATE: Jefferies Upgrades Renren to Hold, Reiterates $3.30 PT Following Nuomi Sale Announcement

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In a report published Friday, Jefferies analyst Cynthia Meng upgraded the rating on
RenrenRENN
from Underperform to Hold, and reiterated the $3.30 price target. In the report, Jefferies noted, “Renren announced the sale of a 59% equity interest in Nuomi to Baidu for USD160mn in cash. Consistent with our view, upside risk comes from M&A and/or asset divestiture. We see no fundamental change in Renren's core SNS business but believe this divestiture is beneficial to Renren's financial positioning as it exits the cash-burning group buy business. Upgrade to Hold given that the stock is down 19% since 8/15; maintain PT at USD3.3.” Renren closed on Thursday at $3.40.
Posted In: Analyst ColorUpgradesAnalyst Ratings
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