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UPDATE: Bank Of America Reiterates On Renren On Tighter Cost Control Amid Transition


In a report published Tuesday, Bank of America analyst Eddie Leung reiterated an Underperform rating on Renren (NYSE: RENN), and raised the price target from $2.80 to $3.10.

In the report, Bank of America noted, “We see its restructuring of game and groupbuy businesses to help control costs. However, its social network and video subsidiary are still facing tough competition and, hence, are likely to drag on profitability in the near term. Company is exploring new business opportunities including online finance and online user shows.”

Renren closed on Monday at $3.27.

Latest Ratings for RENN

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

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