Clear Channel (CCO) PT Lowered to $2.40 at TD Cowen

TD Cowen analyst Lance Vitanza lowered the price target on Clear Channel (NYSE: CCO) to $2.40 (from $2.60) while maintaining a Buy rating.

The analyst commented, "3Q came in below our est., with mixed segment performance. While national sales were headwind, they performed better than expected. 4Q guidance suggests continued growth, with management emphasizing at our investor lunch the business is on track with initial guidance. The NY MTA contract adds incremental rev and EBITDA/cash flow, but margin expansion is limited. PT to $2.40 on lower FY25 EBITDA."

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