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UPDATE: Morgan Stanley Reiterates on Renren Following First YoY Revenue Decline

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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

DateFirmActionFromTo
Aug 2014Bank of AmericaReiteratesUnderperform
May 2014Bank of AmericaDowngradesUnderperform
Nov 2013JefferiesDowngradesHoldUnderperform

View More Analyst Ratings for RENN
View the Latest Analyst Ratings

Posted-In: Morgan Stanley Timothy ChanAnalyst Color Price Target Analyst Ratings

 

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