UPDATE: Morgan Stanley Reiterates on Renren Following First YoY Revenue Decline
In a report published Friday, Morgan Stanley analyst Timothy Chan reiterated an Underweight rating on Renren (NYSE: RENN), but lowered the price target from $3.10 to $2.70.
In the report, Morgan Stanley noted, “RENN reported its first YoY revenue decline and the largest quarterly operating loss since IPO. Headwinds from mobile monetization challenges and intensifying competition remain. 4Q sales are expected to drop 36-41% YoY. The share price is supported by high net cash balance and buyback.”
Renren closed on Wednesday at $3.35.
Latest Ratings for RENN
|Aug 2014||Bank of America||Maintains||Underperform|
|May 2014||Bank of America||Downgrades||Underperform|
|Nov 2013||Morgan Stanley||Maintains||Underweight|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.