Why Did Barrington Upgrade Clear Channel Outdoor’s Stock?
In a report released today, James Goss from Barrington upgraded Clear Channel Outdoor (CCO) to Buy, with a price target of $6.50. The company’s shares closed on Friday at $5.09.
“We have kept this stock in our coverage in the hope and expectation that at some point these structural issues would be resolved: We expected that a resolution of structural issues could enable the investment opportunity within this fine set of assets to be unlocked. CCO has also been a good comp for OUTFRONT Media (at one time CBS Outdoor). The time frame we have anticipated for CCO is now nearing, and the potential to take advantage of this investment opportunity has arrived, in our view.”
According to TipRanks.com, Goss is a 5-star analyst with an average return of 12.1% and a 61.6% success rate. Goss covers the Services sector, focusing on stocks such as Lions Gate Ent Corp Cl A, Nexstar Media Group Inc, and iPic Entertainment Inc.
Currently, the analyst consensus on Clear Channel Outdoor is a Moderate Buy with an average price target of $6.50.
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Based on Clear Channel Outdoor’s latest earnings release for the quarter ending December 31, the company reported a quarterly net profit of $25.65 million. In comparison, last year the company had a GAAP net loss of $544 million.
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Clear Channel Outdoor Holdings, Inc. is an outdoor advertising company, which engages in the provision of advertising opportunities through billboards, street furniture displays, transit displays, and other out-of-home advertising displays. It operates its business through the Americas and International Outdoor segment.