UPDATE - Miller Tabak Upgrades Clear Channel Outdoor (CCO) to 'Buy' After Pullback; More Attractive Rsk/Reward
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Price: $2.38 -0.42%
Rating Summary:
1 Buy, 8 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
1 Buy, 8 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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UPDATE - Miller Tabak upgrades Clear Channel Outdoor (NYSE: CCO) from Neutral to Buy. PT $14.
Miller analyst says, "We are upgrading our recommendation on CCO after the stock pulled back significantly after our downgrade, now to a more attractive risk/reward level vis-à-vis our price target of $14 (the mid-range of our valuation methodologies is $13.94). Drivers could include renewed parent-company stock buyback activity, which could also help support privatization speculation, and the widely-known desire of Paris-based JCDecaux to expand its portfolio of faces."
"We expect 4Q11E total revenue estimate of $794 mm (+0.1%), with Americas at $363 mm (flat) and international at $403 mm (-0.1%). We expect +50 digital board installations in the US, to reach 803 (+203 for the year, in line with increased guidance of +200 from +160)."
To see more ratings on CCO, Click Here
Miller analyst says, "We are upgrading our recommendation on CCO after the stock pulled back significantly after our downgrade, now to a more attractive risk/reward level vis-à-vis our price target of $14 (the mid-range of our valuation methodologies is $13.94). Drivers could include renewed parent-company stock buyback activity, which could also help support privatization speculation, and the widely-known desire of Paris-based JCDecaux to expand its portfolio of faces."
"We expect 4Q11E total revenue estimate of $794 mm (+0.1%), with Americas at $363 mm (flat) and international at $403 mm (-0.1%). We expect +50 digital board installations in the US, to reach 803 (+203 for the year, in line with increased guidance of +200 from +160)."
To see more ratings on CCO, Click Here
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