Focus Media Beats and Raises, Citi Reiterates Buy (FMCN)

Focus Media FMCN posted strong 2Q10 results. Revenues of $158.2 million beat consensus of $143.7 million. EPS came in at $0.17, compared to the Street's $0.11. Citi said, "While SONC's differentiated product offerings have had a positive impact on average check, traffic has been less consistent and management remains focused on quality over excessive discounting. Although the decline in traffic concerns us, we applaud the positive impact on check and margins longer term from the improved product offerings." Focus Media is rated Buy/High Risk by Citi with a price target of $20.00. Shares of FMCN are currently trading at $18.54.