Barclays Maintains an 'Equalweight' on Clear Channel Outdoor (CCO); Pacings Lead Estimates Modestly Higher

Barclays maintains an 'Equalweight' on Clear Channel Outdoor (NYSE: CCO), PT $15.

Barclays analyst says, "Given the 1Q beat and solid pacing data heading into 2Q, we are tweaking up our FY 2011 OIBDA estimate to $720.9M from $710.8M. But without any indication that excess cash will be returned to shareholders in the near term, we remain guarded on the shares and are maintaining our price target of $15."

"Given solid 2Q domestic pacing data of 5%, and international pacings of 6%, we are taking up our estimates accordingly. For FY 2011, we now expect revenue growth of 5.7% vs. 4.6% previously."

For more ratings news on Clear Channel Outdoor click here and for the rating history of Clear Channel Outdoor click here.

Shares of Clear Channel Outdoor closed at $14.57 yesterday.

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