Caris Cuts Clear Channel (CCO) Two Notches; Says Asia May Now Be the Main Concern

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Shares of Clear Channel Outdoor (NYSE: CCO) are down more than 3 percent Monday on the heels of an earlier downgrade from Caris & Company. The firm now rates the stock a Below Average, down two notches from Above Average, and sees shares falling to $4 over the next year, down from a prior target of $10.

The firm said, "our concern lies not with Europe, which we believe is old news at this point, but Asia as evidence mounts that slowing economic fundamentals in the region will curb outdoor-advertising spend." Caris said its upgrade of Clear Channel on March 20th was related to the assumption European fears were already baked into the stock. Now, with Clear Channel shares down more than 30 percent since, Caris suggested that was clearly not the case.

As Clear Channel shares last traded at $5.07, Caris' new price target implies potential downside of about 21 percent.

To track all the market-moving analyst action on shares of Clear Channel, visit our Analyst Ratings page.

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