J.P. Morgan Bumps Focus Media Price Target to $23 (FMCN)

J.P. Morgan bumped its Price Target on shares of Focus Media Holdings FMCN to $23 from $22 today. J.P. Morgan maintained its Overweight rating on the stock after a strong revenue quarter from Focus Media. Focus Media reported second quarter revenues of $158.2 million versus a J.P. Morgan estimate of $146.2 million and consensus estimates of $143.7 million. The company's EPS of $0.30 was a 161% year-over-year improvement. J.P. Morgan analysts explain the Price Target increase because of "Focus Media delivering a few quarters of consistent results, (2) cyclical ad market upturn leading to multiples expansion, and (3) 2011 revenue upside from new ad rates for B-network." Focus Media Holding Limited (Focus Media) is multi-platform digital media company. Shares are higher by 2.16% today, to $18.94.