Wedbush Maintains a 'Neutral' on Clear Channel (CCO); Q2 Not The Problem, Rather 2H Outlook
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Price: $2.32 -0.43%
Rating Summary:
1 Buy, 8 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
1 Buy, 8 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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Wedbush maintains a 'Neutral' on Clear Channel (NYSE: CCO) price target of $5.50 (from $8.25).
Analyst, James Dix, said, "2Q was not so much the problem, in our view, with Americas in line with and International slightly ahead of prior pacing on the top line...Rather, 2H outlook is being hit by Euro zone deterioration, with International pacing down 1%, despite London Olympics, while Americas paces up 3% in 3Q...For 2012 and 2013, we cut our EBITDA/OIBDAN estimates to $685m (-8%) and $726m (+6%), vs. Street $691m (-7%) and $739m (+7%), respectively."
"...we believe the company’s positives as a play on trends in outdoor advertising, where traditional advertising displays have been holding market share, and digital displays offer high incremental returns on investment, are balanced against the shares’ valuation."
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 $5.24 yesterday.
Analyst, James Dix, said, "2Q was not so much the problem, in our view, with Americas in line with and International slightly ahead of prior pacing on the top line...Rather, 2H outlook is being hit by Euro zone deterioration, with International pacing down 1%, despite London Olympics, while Americas paces up 3% in 3Q...For 2012 and 2013, we cut our EBITDA/OIBDAN estimates to $685m (-8%) and $726m (+6%), vs. Street $691m (-7%) and $739m (+7%), respectively."
"...we believe the company’s positives as a play on trends in outdoor advertising, where traditional advertising displays have been holding market share, and digital displays offer high incremental returns on investment, are balanced against the shares’ valuation."
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 $5.24 yesterday.
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