Clear Channel Outdoor (NYSE:CCO) Upgraded by Zacks Investment Research to Buy


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Clear Channel Outdoor (NYSE:CCO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday, Zacks.com reports. The firm currently has a $2.75 price target on the business services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 9.13% from the company’s previous close.

According to Zacks, “Clear Channel Outdoor Holdings, based in San Antonio, TX, is a global leader in outdoor advertising displays in countries across continents. In the United States, the company operates advertising displays and has a presence of the top DMA regions. It manages a large portion of Spectacular Displays in Times Square as well as Airport, Taxi and Mall advertising worldwide. Adshel is the company’s International street furniture division. “

CCO has been the subject of several other research reports. Cowen increased their price target on shares of Clear Channel Outdoor from $1.75 to $2.50 and gave the company an “outperform” rating in a research note on Tuesday, January 26th. Citigroup increased their price target on shares of Clear Channel Outdoor from $1.60 to $2.20 in a research note on Friday, February 12th. Smith Barney Citigroup cut shares of Clear Channel Outdoor from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 5th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell cut shares of Clear Channel Outdoor from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 5th. Finally, Morgan Stanley increased their price objective on shares of Clear Channel Outdoor from $1.50 to $2.50 and gave the stock an “equal weight” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $4.33.

NYSE CCO remained flat at $$2.52 during trading hours on Tuesday. 1,622,238 shares of the company traded hands, compared to its average volume of 3,342,096. Clear Channel Outdoor has a one year low of $0.73 and a one year high of $2.63. The company has a market cap of $1.18 billion, a P/E ratio of -2.23 and a beta of 2.60. The company’s 50-day moving average is $2.09 and its 200-day moving average is $1.70.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings results on Thursday, February 25th. The business services provider reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.18) by $0.11. The firm had revenue of $541.39 million during the quarter, compared to analysts’ expectations of $494.64 million. Analysts anticipate that Clear Channel Outdoor will post -1.19 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of the stock. CWM Advisors LLC boosted its position in shares of Clear Channel Outdoor by 49.6% during the 1st quarter. CWM Advisors LLC now owns 202,880 shares of the business services provider’s stock worth $365,000 after purchasing an additional 67,224 shares during the period. Newfleet Asset Management LLC acquired a new stake in Clear Channel Outdoor during the 4th quarter worth approximately $466,000. Hsbc Holdings PLC lifted its holdings in Clear Channel Outdoor by 42.6% during the 4th quarter. Hsbc Holdings PLC now owns 313,950 shares of the business services provider’s stock worth $517,000 after buying an additional 93,751 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Clear Channel Outdoor by 0.4% during the 4th quarter. JPMorgan Chase & Co. now owns 8,039,731 shares of the business services provider’s stock worth $13,264,000 after buying an additional 29,330 shares in the last quarter. Finally, Morgan Stanley lifted its holdings in Clear Channel Outdoor by 68,136.2% during the 4th quarter. Morgan Stanley now owns 10,932,127 shares of the business services provider’s stock worth $18,038,000 after buying an additional 10,916,106 shares in the last quarter. 93.14% of the stock is owned by hedge funds and other institutional investors.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures; and retail and other small displays.

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