UPDATE: Wolfe Research Upgrades iHeartMedia (IHRT) to Outperform

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."

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 $16.05 yesterday.

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