Shares of Clear Channel Outdoor (CCO) Trade Down Over 11.3% on MILLER TABAK Downgrade & Earnings

MILLER TABAK Co. today downgraded shares of Clear Channel Outdoor (NYSE: CCO) from its previous rating of Buy to Neutral, while keeping its short-term price target at $12 and long-term price target at $15.

The firm notes that downgrade was "due to higher than expected international site lease expenses that led to an overall profit miss." Shares of CCO are trading down 11.36 percent on the day to $9.75.

The company released its third quarter results with sales topping expectations but earning fell short. For the quarter, earnings totaled $0.01 per share on $748 million in in revenue, compared to the consensus of $0.06 per share on $730 million in revenue. Free cash flows of $138 million topped the firm's estimate of $76 million.

The firm cut its FY11 EPS estimate from $0.21 to $0.18 and reaffirmed its FY12 estimate of $0.26.

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