UPDATE: Jefferies Lowers Renren's PT

According to a research report published this morning, Jefferies has lowered Renren's

PT from $5.49 to $4.89. In the report, Jefferies said, "1Q12 revenue beat due to strong online games growth, losses were narrower than expected. Online games growth driven by both ARPU and paying user growth. Online ads will decline significantly due to the loss of large brand advertisers as Renren's PC-based traffic declines while meaningful mobile ads business model is yet to be developed. We revised PT down by 11% to US$4.89. Maintain Hold as stock is trading near USD3 cash/share." Jefferies maintains its Hold rating on Renren, which closed yesterday at $5.49.