Susquehanna Cuts Price Target on Focus Media (FMCN) to $48

Susquehanna lowers its price target on Focus Media (Nasdaq: FMCN) from $55 to $48, maintaining a Positive rating.

Following Focus Media's in-line Q1 earnings yesterday, the firm said its new price target reflects the company's soft FY08 guidance. Focus Media's Q2 operations were hurt by the earthquake in China's Sichuan region, but Susquehanna notes that it was "surprised by the magnitude of the earthquake's impact on its full-year guidance."

Susquehanna believes that shares of Focus Media still remain inexpensive when considering the P/E, thus the maintained Positive rating.

The firm's new price target still represents a potential gain of more than 30% from yesterday's closing price of $36.79.

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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