JPMorgan Downgrades Focus Media (FMCN) as Co. Responds to Muddy Waters Report

Just minutes after Focus Media Holding (NASDAQ: FMCN) issued a release outlining details of what would be discussed in this morning's "Muddy Waters" conference call, JPMorgan's Dick Wei downgraded the stock from Overweight to Neutral. Wei now sees shares of Focus Media rising to $20 over the next year, down from a prior target of $39.

Shares of Focus Media tumbled nearly 40 percent Monday amid allegations from the notable short seller. The stock is bouncing Tuesday morning, however traders seem to be paring gains. The stock last traded at $16.94, up 9.7 percent from Monday's close. Volume is very heavy this morning.

For an analyst ratings summary and ratings history on Focus Media Holding click here. For more ratings news on Focus Media Holding click here.

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