Renren Upgraded to Hold at Jefferies Group (RENN)
Renren (NASDAQ:RENN) was upgraded by Jefferies Group from an “underperform” rating to a “hold” rating in a research note issued on Friday, TheFlyOnTheWall.com reports. The firm currently has a $3.30 target price on the stock. Jefferies Group’s target price points to a potential downside of 2.94% from the company’s current price.
The analysts wrote, “Renren announced the sale of a 59% equity interest in Nuomi to Baidu for USD160mn in cash. Consistent with our view, upside risk comes from M&A and/or asset divestiture. We see no fundamental change in Renren’s core SNS business but believe this divestiture is beneficial to Renren’s financial positioning as it exits the cash-burning group buy business. Upgrade to Hold given that the stock is down 19% since 8/15; maintain PT at USD3.3.”
A number of other firms have also recently commented on RENN. Analysts at Deutsche Bank reiterated a “sell” rating on shares of Renren in a research note to investors on Friday, August 16th. They now have a $2.40 price target on the stock. Separately, analysts at Bank of America Corp. reiterated a “neutral” rating on shares of Renren in a research note to investors on Friday, August 16th. They now have a $3.90 price target on the stock, up previously from $3.50. Finally, analysts at Zacks downgraded shares of Renren from an “outperform” rating to a “neutral” rating in a research note to investors on Wednesday, August 14th. They now have a $4.70 price target on the stock.
Two equities research analysts have rated the stock with a sell rating and six have given a hold rating to the company. Renren presently has an average rating of “Hold” and an average target price of $3.56.
Renren (NASDAQ:RENN) traded up 5.29% during mid-day trading on Friday, hitting $3.58. 6,249,770 shares of the company’s stock traded hands. Renren has a 52 week low of $2.52 and a 52 week high of $4.63. The stock has a 50-day moving average of $3.45 and a 200-day moving average of $3.11. The company’s market cap is $1.344 billion.
Renren (NASDAQ:RENN) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.04. The company had revenue of $49.60 million for the quarter, compared to the consensus estimate of $55.08 million. On average, analysts predict that Renren will post $-0.24 earnings per share for the current fiscal year.
Renren Inc operates real name social networking Internet platform in the People’s Republic of China. Its platform enables its users to connect and communicate with each other, share information and user-generated content, play online games, listen to music, shop for deals and a range of other features and services.
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