UPDATE: Wolfe Research Upgrades iHeartMedia (IHRT) to Outperform
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Wolfe Research analyst John Janedis upgraded iHeartMedia (NASDAQ: IHRT) from Peerperform to Outperform with a price target of $24.00.
The analyst comments "Though the pandemic has had a major impact on core radio advertising, it allowed mgmt. to successfully accelerate the execution of its digital strategy, while also taking out $250MM+ of permanent savings from its cost structure. With IHRT well positioned to reap the benefits of the cyclical recovery in core & the inflection in digital, we upgrade the stock to OP (from PP) using a SOTP methodology to better reflect the value of the assets."
Shares of iHeartMedia closed at $16.05 yesterday.
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