Despite Peel Hunt raising Tarsus Group's target price by 20p, the broker downgrades the group from a 'buy' to 'hold', highlighting a limited upside to the share price.The international media firm - which specialises in exhibitions, conferences and online media - issued an interim management statement on Thursday which "points clearly to trading patterns in line with market expectation," said analyst Malcolm Morgan, noting that forward bookings continue to improve especially for the two big shows (Dubai Airshow and Labelexpo Europe), but the smaller shows in France are still "lacklustre".Peel Hunt thinks that the appointment of Dan O'Brien as finance director (with significant mergers and acquisitions (M&A) experience) signals more emphasis on M&A activity, and this aspiration - "combined with increasing visibility on full-year numbers" - has prompted the broker to raise the target price to 175p, from 155p."However, the movement in the shares ahead of today's new suggests this leaves only 6% upside ahead of any corporate activity. We move to 'hold'," said Morgan.---BC