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Renren (NASDAQ:RENN)‘s stock had its “underperform” rating restated by analysts at Bank of America in a research report issued to clients and investors on Tuesday. They currently have a $3.10 price objective on the stock, up from their previous price objective of $2.80. Bank of America’s price objective would indicate a potential downside of 5.20% from the company’s current price.

The analysts wrote, “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 (NASDAQ:RENN) traded up 4.89% during mid-day trading on Tuesday, hitting $3.43. The stock had a trading volume of 1,459,581 shares. Renren has a one year low of $2.76 and a one year high of $4.79. The stock’s 50-day moving average is $3.23 and its 200-day moving average is $3.36. The company has a market cap of $1.238 billion and a price-to-earnings ratio of 12.16.

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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