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UPDATE: JP Morgan Reduces PT to $3.15 on Renren on Mixed Business Momentum

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JP Morgan reiterated its Sell rating on Renren (NASDAQ: RENN) and lowered its price target from $3.19 to $3.15

JP Morgan commented, "We expect Renren's online ads to face increasing pressure in 2H12 and to decline on a YoY basis. We expect the online gaming and group-buy businesses to continue their strong momentum, driven by favorable market trends. This mixed business momentum is likely to lead to a broadly in-line topline growth but margins could surprise on the downside on inv activities."

Renren closed at $3.95 on Wednesday.

Latest Ratings for RENN

DateFirmActionFromTo
Aug 2014Bank of AmericaMaintainsUnderperform
May 2014Bank of AmericaDowngradesUnderperform
Nov 2013Morgan StanleyMaintainsUnderweight

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