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 research note issued to investors on Tuesday, Zacks.com reports. The brokerage presently has a $2.75 price objective on the business services provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 9.13% from the stock’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. “

A number of other equities analysts also recently commented on the stock. Smith Barney Citigroup downgraded shares of Clear Channel Outdoor from a “buy” rating to a “neutral” rating in a research note on Tuesday, January 5th. Morgan Stanley boosted 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 note on Friday. Citigroup lifted their price target on shares of Clear Channel Outdoor from $1.60 to $2.20 in a report on Friday, February 12th. Cowen lifted their price target on shares of Clear Channel Outdoor from $1.75 to $2.50 and gave the stock an “outperform” rating in a report on Tuesday, January 26th. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lowered shares of Clear Channel Outdoor from a “buy” rating to a “neutral” rating in a report on Tuesday, January 5th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $4.33.

NYSE CCO remained flat at $$2.52 during trading on Tuesday. 1,622,238 shares of the company’s stock traded hands, compared to its average volume of 3,342,096. The stock has a market cap of $1.18 billion, a PE ratio of -2.23 and a beta of 2.60. Clear Channel Outdoor has a twelve month low of $0.73 and a twelve month high of $2.63. The firm’s 50 day moving average price is $2.09 and its 200 day moving average price 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 Thomson Reuters’ consensus estimate of ($0.18) by $0.11. The company had revenue of $541.39 million for the quarter, compared to the consensus estimate of $494.64 million. As a group, research analysts expect that Clear Channel Outdoor will post -1.19 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in CCO. Morgan Stanley grew its holdings in shares of Clear Channel Outdoor by 68,136.2% during the fourth quarter. Morgan Stanley now owns 10,932,127 shares of the business services provider’s stock valued at $18,038,000 after buying an additional 10,916,106 shares during the last quarter. ExodusPoint Capital Management LP grew its holdings in shares of Clear Channel Outdoor by 686.5% during the fourth quarter. ExodusPoint Capital Management LP now owns 3,538,108 shares of the business services provider’s stock valued at $5,838,000 after buying an additional 3,088,275 shares during the last quarter. Ares Management LLC grew its holdings in shares of Clear Channel Outdoor by 3.5% during the fourth quarter. Ares Management LLC now owns 35,879,772 shares of the business services provider’s stock valued at $59,202,000 after buying an additional 1,199,999 shares during the last quarter. Beaconlight Capital LLC purchased a new stake in shares of Clear Channel Outdoor during the fourth quarter valued at $1,166,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Clear Channel Outdoor during the fourth quarter valued at $832,000. 93.14% of the stock is currently owned by hedge funds and other institutional investors.

Clear Channel Outdoor Company Profile

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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