Clear Channel Outdoor (NYSE:CCO) Issues Earnings Results

Clear Channel Outdoor (NYSE:CCO) released its quarterly earnings data on Thursday. The business services provider reported ($0.17) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.01, Zacks reports. The firm had revenue of $481.75 million for the quarter, compared to the consensus estimate of $480.69 million. During the same period in the previous year, the business earned ($0.23) EPS. Clear Channel Outdoor updated its FY 2024 guidance to EPS and its Q2 2024 guidance to EPS.

Clear Channel Outdoor Price Performance

NYSE CCO traded down $0.03 on Friday, hitting $1.59. 602,811 shares of the stock were exchanged, compared to its average volume of 2,238,246. The business’s fifty day moving average is $1.58 and its 200 day moving average is $1.58. Clear Channel Outdoor has a 52 week low of $0.99 and a 52 week high of $2.06. The company has a market capitalization of $766.70 million, a PE ratio of -2.44 and a beta of 2.91.

Analysts Set New Price Targets

Several equities research analysts have commented on CCO shares. Barrington Research restated an “outperform” rating and issued a $2.50 target price on shares of Clear Channel Outdoor in a research note on Tuesday, February 27th. Morgan Stanley increased their target price on shares of Clear Channel Outdoor from $1.50 to $2.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 28th. Finally, StockNews.com upgraded shares of Clear Channel Outdoor from a “sell” rating to a “hold” rating in a research note on Friday, February 16th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $2.16.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc operates as an out-of-home advertising company in the United States, Europe, and internationally. It operates through America, Airports, Europe-North, and Other segments. The company provides advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, multi-dimensional lettering and figures, mechanical devices, moving parts, and other embellishments; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, news racks, and other public structures; transit displays for rail stations and on various types of vehicles; retail displays; and airport advertising displays.