Morgan Stanley analyst Benjamin Swinburne maintained a Hold rating on iHeartMedia (IHRT) today and set a price target of $8.00. The company’s shares closed last Wednesday at $6.59, close to its 52-week low of $4.31.
According to TipRanks.com, Swinburne is a 5-star analyst with an average return of 8.9% and a 56.9% success rate. Swinburne covers the Services sector, focusing on stocks such as Liberty Media Liberty Formula One, Interpublic Group of Companies, and Madison Square Garden Sports.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for iHeartMedia with a $11.60 average price target.
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Based on iHeartMedia’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $1.03 billion and net profit of $61.38 million. In comparison, last year the company earned revenue of $1.03 billion and had a net profit of $215 million.
Based on the recent corporate insider activity of 25 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IHRT in relation to earlier this year.
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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.
