VisionChina Media shares jump; upgraded to outperform at Oppenheimer

BOSTON, Jun 23, 2008 (Thomson Financial via COMTEX) -- VISN | Quote | Chart | News | PowerRating -- Shares of VisionChina Media Inc. surged Monday after the China-based advertising network operator was upgraded to outperform from perform at Oppenheimer, which cited the more bullish data points and the 27% pullback in the stock since its initiation.

The stock was up 12.8% at $17.83 on volume of 130,052 shares.

Analyst Jason Helfstein said conversations with advertising agency executives suggest that VisionChina is seeing greater traction with larger advertising clients, partially spurred by a recent hire with strong agency relationships.

Helfstein also noted that VisionChina shares have pulled back 27% since his May 16 initiation. "This pullback exceeds the 22% decline for its peers, even though the peer companies have more earnings risk," Helfstein said.

Oppenheimer maintained its $25 price target, suggesting 58% upside potential. Casey Logan cl/vj

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