UPDATE: BofA Securities Upgrades iHeartMedia (IHRT) to Buy, 'Business is Booming'
Get Alerts IHRT Hot Sheet
Rating Summary:
3 Buy, 3 Hold, 3 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 11 | New: 14
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BofA Securities analyst Jessica Reif Ehrlich upgraded iHeartMedia (NASDAQ: IHRT) from Underperform to Buy with a price target of $26.00.
The analyst comments "We are upgrading IHRT to a Buy rating with a $26 PO as: (1) we anticipate advertising trends will come roaring back over the next several months as small/medium sized businesses and sectors (e.g. entertainment) across the country open up while drive times increase (with drive times in April ’21 more than double April ’20 levels), (2) digital growth remains robust, primarily driven by podcasting with attractive opportunities to better monetize IHRT’s portfolio of digital assets following the recent acquisition of Triton Digital, (3) modernization initiatives ($100mn) and restructuring/COVID savings ($200mn) should lead to a more favorable cost structure as business trends normalize, (4) pent up demand for live will create a positive tailwind for Sponsorships & Events, (5) Liberty Media has been given approval to increase its stake in IHRT to 50% and Global Media has also filed for approval to increase its stake in IHRT to 50% and (6) IHRT has manageable debt maturities with significant capacity to de-lever the business, facilitating a highly favorable capital structure shift in favor of equity."
For an analyst ratings summary and ratings history on iHeartMedia click here. For more ratings news on iHeartMedia click here.
Shares of iHeartMedia closed at $17.48 yesterday.
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