UPDATE: Piper Jaffray Color on AirMedia Upgrade and PT Increase

Piper Jaffray, which

while upgrading shares of AirMedia Group

, is providing some color on the stock. “We are upgrading AMCN shares to Overweight from Neutral. We believe the risk/return is compelling at current levels after a huge selloff (down 42% in the past quarter) following concerns about auto advertising,” Piper Jaffray writes. “Our recent trip to China and channels checks suggest auto ad concerns are likely overblown, and we expect other catalysts, including a restructuring at Sinopec and the reconfiguring of the Terminal 3 concession deal, will get the shares moving. We are raising our rating to Overweight and target from $7 to $8.” AirMedia closed Friday at $3.46.