UPDATE: Oppenheimer Increases PT to $18 on Millennial Media on Strong Preliminary Q3 Results

Oppenheimer reiterated its Outperform rating on Millennial Media

and increased its price target from $17 to $18. Oppenheimer noted, "We are raising our estimates and target following Millenial Media's strong preliminary 3Q12 results, above guidance and our estimates. Revenues increased 85% y/y, an acceleration from 76% in 2Q, with q/q growth of 19%. As a result, we are increasing 2012-13 revenue estimates by 3% each. We are also adjusting our model for the recent secondary offering, which increases shares outstanding by 5% (public float now at 29%, assuming greenshoe). With $136M in cash, we expect the company to focus on international expansion, product development, and acquisitions." Millennial Media closed at $14.25 on Tuesday.