BofA Securities Cuts EPS Projections on iHeartMedia (IHRT)

BofA Securities analyst Jessica Reif Ehrlich reiterated a Buy rating and $35.00 price target on iHeartMedia (NASDAQ: IHRT) while cutting EPS estimates despite expecting continued improvement in advertising trends, healthy cost savings initiatives and robust digital growth.

EPS for '22 drops to $1.78 from $1.84 with the analyst stating "We maintain our 4Q revenue forecast but slightly lower our 4Q EBITDA estimate to $290 (from $301mn) which reflects increased “catch up” bonus payouts to end the year. We slightly increase our CY22 revenue to $3.98bn which reflects continued momentum in digital partially offset by a more gradual recovery in Multiplatform audio. However, we maintain our $1.2bn EBITDA and $508mn FCF projections. This should position the company to exit 2022 at a 4x net leverage ratio."

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

Shares of iHeartMedia closed at $20.90 yesterday.

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