UPDATE: Morgan Stanley Reiterates on Renren Following First YoY Revenue Decline

In a report published Friday, Morgan Stanley analyst Timothy Chan reiterated an Underweight rating on Renren (NYSE: RENN ), but lowered the price target from $3.10 to $2.70. In the report, Morgan Stanley noted, “RENN reported its first YoY revenue decline and the largest quarterly operating loss since IPO. Headwinds