Deutsche Bank Tells Clients To Buy Focus Media (FMCN)
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Deutsche Bank upgrades Focus Media (Nasdaq: FMCN) from Hold to Buy and raised their price target to $9.15 per share.
The firm said, "We see value in China's largest out-of-home advertising network following the bottoming of business in 1Q09. Assuming 2010 core OOH profit to rebound to 2006 levels, Focus Media is trading below 10x FY10E PE which is undemanding, in our view. We believe there may be higher risks that the merger deal with SINA (Nasdaq: SINA) is aborted, and the market may view this positively as management will then have to refocus on the core business and improve its performance. Should the merger go through, there could be c.38% upside to the current share price."
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