In a report released today, James Goss from Barrington assigned a Buy rating to Townsquare Media (NYSE: TSQ), with a price target of $10. The company’s shares closed yesterday at $6.57, close to its 52-week low of $6.28.
Goss wrote:
“We reaffirm our OUTPERFORM investment rating and $10 price target: Townsquare’s appeal reflects growth potential from both acquisitions and organic improvement. Live and Local drives core operating activities. Dominance in attractive local markets produces incremental local and national monetization. In the first quarter, the company initiated a $0.30 annual dividend, which currently provides a yield of 4.3%. The company has sufficient NOLs, not expecting to be a material cash tax payer until 2024, which combined with solid results at its core business will help in generating meaningful FCF to pay down debt and return capital.”
According to TipRanks.com, Goss is a 4-star analyst with an average return of 12.1% and a 58.6% success rate. Goss covers the Services sector, focusing on stocks such as Lions Gate Ent Corp Cl A, Sirius XM Holdings Inc, and Cinemark Holdings Inc.
Townsquare Media has an analyst consensus of Strong Buy, with a price target consensus of $10.
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Based on Townsquare Media’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $26.83 million. In comparison, last year the company had a GAAP net loss of $3.05 million.
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Townsquare Media, Inc. is a local media and entertainment and digital marketing services company. It owns and operates radio stations, digital and social properties and live events in small and mid-sized markets across the United States. The firm creates and distributes original entertainment, music and lifestyle content.
