UPDATE: CICC Cuts PT to $5 on Jiayuan.com International as Market Competition Gets Tougher

CICC reiterates its Hold rating on Jiayuan.com International

and reduces its price target on shares to $5. CICC notes, "Intense competitive pressure comes from new SNS-related competitors as well as existing peer competitors. [T]he company's strategic transition from offline business to online services will add competitive pressures from large-scaled SNS platforms, which will bring a moderation of online service revenue growth. Further investment will still focus on wireless business, which may bring concerns about monetization efficiency. Given the wireless strategy, offline business growth rate is going to be flatter." DATE closed at $3.79 on Thursday.