Wells Fargo Downgrades Clear Channel (CCO) to Market Perform; Dividend Reflected In Shares; Risk/Reward Not As Favorable

Wells Fargo downgraded Clear Channel (NYSE: CCO) from Outperform to Market Perform, price target range lowered to $14-15 from $14-16.

Wells analyst says, "We downgrade the shares of CCO...as: 1) we believe that the current stock price appropriately reflects the recently announced special dividend; 2) our checks indicate that the outdoor business is stable but not necessarily improving, meaning that the risk profile of CCO has increased while fundamentals may not have; and 3) we do not anticipate another "event" as large as the recent dividend to accrue to equity holders over the next 12 months. As a result, we view the current risk/reward proposition for equity holders less favorable post the company's $6 special dividend payment, which is to be paid on March 15 to shareholders of record as of March 12."

For an analyst ratings summary and ratings history on Clear Channel click here. For more ratings news on Clear Channel click here.

Shares of Clear Channel closed at $14.31 yesterday.

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