Clear Channel Outdoor (NYSE:CCO) had its target price lifted by research analysts at Morgan Stanley from $2.50 to $3.00 in a research report issued on Friday, Benzinga reports. The firm presently has an "equal weight" rating on the business services provider's stock. Morgan Stanley's price target suggests a potential upside of 11.11% from the stock's current price.
Several other equities analysts have also weighed in on CCO. Zacks Investment Research lowered shares of Clear Channel Outdoor from a "buy" rating to a "hold" rating in a report on Tuesday, May 11th. Citigroup lifted their price objective on shares of Clear Channel Outdoor from $2.20 to $2.50 and gave the company a "neutral" rating in a report on Thursday. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their target price on shares of Clear Channel Outdoor from $2.20 to $2.50 and gave the stock a "neutral" rating in a research note on Thursday. Finally, BMO Capital Markets restated a "market perform" rating on shares of Clear Channel Outdoor in a research note on Monday, May 17th. One analyst has rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the stock. Clear Channel Outdoor has an average rating of "Hold" and an average price target of $4.54.
NYSE CCO opened at $2.70 on Friday. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of -1.97 and a beta of 2.63. The company's 50-day moving average is $2.28. Clear Channel Outdoor has a fifty-two week low of $0.86 and a fifty-two week high of $3.05.
Clear Channel Outdoor (NYSE:CCO) last posted its earnings results on Sunday, May 9th. The business services provider reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.25). The company had revenue of $370.91 million during the quarter, compared to analysts' expectations of $367.85 million. Equities research analysts forecast that Clear Channel Outdoor will post -0.73 earnings per share for the current year.
Several large investors have recently bought and sold shares of the company. AJ Wealth Strategies LLC boosted its position in Clear Channel Outdoor by 1.2% during the first quarter. AJ Wealth Strategies LLC now owns 1,274,327 shares of the business services provider's stock worth $2,294,000 after acquiring an additional 14,620 shares during the last quarter. IndexIQ Advisors LLC lifted its stake in Clear Channel Outdoor by 11.5% in the 4th quarter. IndexIQ Advisors LLC now owns 327,260 shares of the business services provider's stock worth $540,000 after purchasing an additional 33,789 shares in the last quarter. Swiss National Bank boosted its holdings in shares of Clear Channel Outdoor by 1.6% during the 4th quarter. Swiss National Bank now owns 792,400 shares of the business services provider's stock worth $1,307,000 after purchasing an additional 12,100 shares during the last quarter. BlackRock Inc. grew its position in shares of Clear Channel Outdoor by 3.1% in the fourth quarter. BlackRock Inc. now owns 15,470,731 shares of the business services provider's stock valued at $25,526,000 after purchasing an additional 465,656 shares in the last quarter. Finally, Beaconlight Capital LLC acquired a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at approximately $1,166,000. 94.82% of the stock is currently owned by hedge funds and other institutional investors.
About Clear Channel Outdoor
Clear Channel Outdoor Holdings, Inc owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures; and retail and other small displays.
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