Goldman Sachs Reiterates Buy Rating, $39 PT for Focus Media

In a company update published earlier today, the Goldman Sachs Group, Inc. reiterated its Buy rating and $39.00 price target for Focus Media Holding FMCN. Goldman Sachs went on to say “We remain Buy-rated on Focus Media with a US$39 target price, implying 103% upside. Although advertising sentiment is muted, signs of normalizing spend going into June, helped in part by better seasonality, should translate into improving fundamentals and drive stock performance. We adjust our 2012-2014E by 2%-4% following 1Q12 results.” Focus Media Holding closed on Friday at $19.22.