UPDATE: Citigroup Downgrades Jiayuan.com to Neutral

Citigroup has published a research report on Jiayuan.com

and has downgraded the stock from Buy to Neutral after the company's weak Q1 and missed Q1 guidance. In the report, Citigroup writes, "Given the relatively conservative outlook for Jiayuan, we cut FY12E-14E non-GAAP NP by 12%, 7% and 6%. We downgrade the stock to Neutral from Buy (1H) based on: 1) lower estimates, given conservative revenue outlook and further marketing expansion; 2) slow progress of monetization from wireless platform; 3) continued competitive pressures. Given the Neutral rating, we have opted not to assign a target price for the stock given our view that there are insufficient valuation drivers or investment catalysts to derive a strong positive or negative investment view." Citigroup has removed its $8.75 price target on Jiayuan.com, which is currently trading down $0.09 from yesterday;s $3.84 closing price.