Roth Capital Starts Focus Media (FMCN) at Buy; $51 PT
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Roth Capital initiates coverage on Focus Media (Nasdaq: FMCN) with a Buy rating and a $51 price target.
The firm believes Focus Media will be a "top Chinese outdoor media player for years". Roth sees an increase in ad spending by non-sponsors following the Olympics and also believes Focus Media's in-store network will create increased pricing power.
With shares of Focus Media trading around $29.82 today (down $0.18, or 0.6% from yesterday's close), Roth Capital's $51 price target represents potential price appreciation of more than 70% from current levels.
Focus Media Holding Limited operates out-of-home advertising network using audiovisual digital displays in the People's Republic of China.
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