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

, 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.