Deutsche Bank Upgrades Focus Media Holding (FMCN) to Buy; 2Q11 Beats Expectations

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Deutsche Bank upgraded Focus Media Holding (NASDAQ: FMCN) to Buy with a price target of $34.22.

Deutsche analyst says, "Focus Media’s 2Q11 sales and non-GAAP net income beat both expectations and our forecast by 9%, respectively. We thus upgrade our non-GAPP forecast by 6-10% for FY11-13, respectively. Our revised DCF-based target price is US$34.22. Given the upside potential of our revised target price and the potential of its new LBS business, which we have not yet factored in our model, we upgrade our recommendation to Buy."

For more ratings news on Focus Media Holding click here and for the rating history of Focus Media Holding click here.

Shares of Focus Media Holding closed at $29.45 yesterday, with a 52 week range of $18.06-$37.58.

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