Estimates Updated on Focus Media

Piper Jaffray has published a research report on Focus Media Holding Limited FMCN after the company reported 3Q results that allowed for a model update. In the report, Piper Jaffray writes "We are updating our FMCN model to reflect Q3 results and management commentary during the Q3 earnings conference call. We are making changes to FY2011 revenue downward to account for the elimination of the Internet ad business, but changes to EPS upward reflect better expectations on gross margins. We are adjusting Q4 expectations to with the company's prescribed guidance range of $140-143 million in net revenue and $52-53 million in PF net income." Piper Jaffray maintains its Overweight rating and $19 price target. Focus Media Holding Limited closed yesterday at $25.43.