Barclays Maintains an 'Equalweight' on Clear Channel (CCO); Model Update

Barclays maintains an 'Equalweight' on Clear Channel (NYSE: CCO) price target cut $2 to $12.00.

Barclays analyst says, "Yesterday, CCO reported 3Q results that were ahead of our estimates on revenue and in line on OIBDA. Despite the solid quarter, Americas revenues were pacing flat in 4Q-well below our prior estimate of 5.5% growth-leaving us even more cautious on local ad spend. In light of the disappointing outlook, we are reducing our revenue and OIBDAN estimates in 4Q and FY '12. With shares already discounting a slower-growth environment, we are maintaining our Equal Weight rating but reducing our price target." (Barclays lowers FY11 EPS estimate from $0.20 to $0.14 and FY12 from $0.28 to $0.18)

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

Shares of Clear Channel closed at $9.88 yesterday.

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