Wedbush Upgrades Clear Channel (CCO) to Neutral Ahead of Q3 Print

Wedbush upgraded Clear Channel (NYSE: CCO) from Underperform to Neutral with a price target of $9.50 (from $10.50) ahead of the company's 3Q results on 11/5 BMO.

Analyst Jame Dix commented, "In our New York City billboard occupancy surveys, we saw a slight improvement in y/y occupancy trends in the September quarter, increasing chances of a meet/beat 3Q for CCO Americas, its higher-margin segment. On a same-display basis, average occupancy was up 1% y/y in the September quarter, vs. being down 3% y/y in the June quarter. CCO said that Americas was pacing +1.2% vs. being +0.6% in 2Q. Given our surveys indicating some increase in 3Q occupancy trends vs. 2Q, and CCO Americas' pattern of turning in results ahead of prior pacings, we see CCO in a position to meet/beat our +1.8% estimate for CCO Americas growth ex-f/x (Canadian $ may crimp reported Americas growth). "

For an analyst ratings summary and ratings history on Clear Channel click here. For more ratings news on Clear Channel click here.

Shares of Clear Channel closed at $6.90 yesterday.

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