Morgan Stanley Sticks to Their Hold Rating for iHeartMedia (IHRT)
Morgan Stanley analyst Benjamin Swinburne maintained a Hold rating on iHeartMedia (IHRT) today and set a price target of $22.00. The company’s shares closed last Monday at $23.23, close to its 52-week high of $23.39.
According to TipRanks.com, Swinburne is a 4-star analyst with an average return of 11.8% and a 62.4% success rate. Swinburne covers the Services sector, focusing on stocks such as Liberty Media Liberty Formula One, Interpublic Group of Companies, and Live Nation Entertainment.
Currently, the analyst consensus on iHeartMedia is a Strong Buy with an average price target of $25.71.
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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.