UPDATE: J.P. Morgan Lowers AirMedia's PT

According to a research report published this morning, J.P. Morgan has lowered AirMedia's

PT from $4.30 to $3.50. In the report, J.P. Morgan said, "AirMedia reported inline revenue but missed consensus and JPMe on earnings. It continues to face challenges with weak demand from Auto and real estate sectors as well as a change of advertiser preference in TV screens segments. Due to its fixed-cost business model, AMCN is one of the names most sensitive to sentiment changes in ad spending. Maintain Neutral, PT to US$3.5, given macro uncertainty and risks in concession fee increases." J.P. Morgan maintains its Neutral rating on AirMedia, which closed yesterday at $2.32.