Barrington Believes iHeartMedia (IHRT) Still Has Room to Grow
In a report released today, James Goss from Barrington reiterated a Buy rating on iHeartMedia (IHRT), with a price target of $25.00. The company’s shares closed last Thursday at $19.86, close to its 52-week high of $20.35.
According to TipRanks.com, Goss is a 3-star analyst with an average return of 4.3% and a 45.5% success rate. Goss covers the Services sector, focusing on stocks such as Lions Gate Entertainment Class A, Clear Channel Outdoor, and Nexstar Media Group.
Currently, the analyst consensus on iHeartMedia is a Moderate Buy with an average price target of $23.29.
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Based on iHeartMedia’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $936 million and net profit of $3.47 million. In comparison, last year the company earned revenue of $1.03 billion and had a net profit of $61.38 million.
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iHeartMedia, Inc. engages in the provision of media and entertainment services. It operates through the following segments: Audio; Audio and Media Services; and Corporate and Other Reconciling Items. The Audio segment comprises of media and entertainment services via broadcast and digital delivery and also includes events and national syndication businesses. The Audio and Media Services segment consists of the other audio and media services, including the media representation business (Katz Media) and the provider of scheduling and broadcast software (RCS).The company was founded by L. Lowry Mays and B. J. McCombs in 1972 and is headquartered in San Antonio, TX.