Nomura Securities Maintains a 'Buy' on AirMedia Group (AMCN); Cutting PT After Weak Q1 Results

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Nomura Securities maintains a 'Buy' on AirMedia Group (NASDAQ: AMCN) price target lowered to $3.50.

Analyst, Jin Yoon, said, "AirMedia’s 1Q12 results came in lower than our estimates on both top line and bottom line. Among the verticals, auto ads experienced significant decline in 1Q (-30% y-y), which we believe is not likely to recover in 2Q. Despite soft 2Q guidance, management continued to express confidence in a strong second half of this year, although our conviction level is less strong."

For an analyst ratings summary and ratings history on AirMedia Group click here. For more ratings news on AirMedia Group click here.

Shares of AirMedia Group closed at $2.32 yesterday, with a 52 week range of $2.10-$4.01.

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