UPDATE: Jefferies Cuts PT to $3.70 on Renren on Lower Guidance

Jefferies reiterated its Hold rating on Renren

and cut its price target from $3.80 to $3.70. Jefferies noted, "3Q12 revenues beat and losses came in better than expected. 4Q12 guidance is below Street expectation. Online ads remain weak due to soft macro, rising competition and fast shift from PC to mobile. Online games remain strong driven by in-house developed cross-platform games with solid pipeline and expansion to Android. Mobile monetization remains the most strategic area of investment." Renren closed at $3.38 on Tuesday.