UPDATE: Barclays Capital Lowers Renren's PT

According to a research report published earlier today, Barclays Capital has increased Renren Inc.'s

PT from $5.10 to $5.50. Barclays Capital commented in the report, “We maintain our 2-Equal Weight rating but lower our 12-month price target to US$5.50 based on our revised DCF analysis. Today, Renren provided preliminary 4Q11 results and 2012 guidance, which included 1) 4Q11 revenue to be in line with previous guidance of US$31-33mn; 2) the non-GAAP operating loss for 4Q11 to be US$15-$17mn; 3) 2012 top line to grow 50-55% and 4) incremental investment of US$60-70mn in 2012 for mobile initiatives Nuomi and 56.com. We adjust our estimates accordingly to reflect the latest guidance.” Renren closed yesterday at $5.44.