TD Cowen Reiterates Hold Rating for Clear Channel Outdoor (NYSE:CCO)

Key Points

• TD Cowen reiterated a Hold on Clear Channel Outdoor (CCO) and lowered its price target to $2.43 (from $2.50), implying roughly a 2.3% upside from current levels.
• Analyst coverage is mixed—five Holds and two Sells—with a MarketBeat average rating of "Reduce" and an average price target of $2.29, while the stock trades near its 52-week high and has a $1.18B market cap.
• Clear Channel recently beat quarterly expectations, reporting $0.02 EPS versus $0.01 expected and revenue of $461.5M versus $449.1M expected.

Clear Channel Outdoor (NYSE:CCO - Get Free Report)'s stock had its "hold" rating restated by equities research analysts at TD Cowen in a report issued on Monday,Benzinga reports. They presently have a $2.43 price objective on the business services provider's stock, down from their prior price objective of $2.50. TD Cowen's price target points to a potential upside of 2.32% from the company's current price.

CCO has been the subject of several other reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Clear Channel Outdoor in a report on Friday, March 27th. Wells Fargo & Company boosted their target price on Clear Channel Outdoor from $2.00 to $2.43 and gave the company an "equal weight" rating in a research note on Friday, February 27th. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and an average price target of $2.29.

Clear Channel Outdoor Stock Performance

Shares of CCO opened at $2.38 on Monday. The company's 50 day moving average price is $2.33 and its 200 day moving average price is $2.03. Clear Channel Outdoor has a 52 week low of $0.81 and a 52 week high of $2.43. The company has a market capitalization of $1.18 billion, a PE ratio of 47.51 and a beta of 2.26.

Clear Channel Outdoor (NYSE:CCO - Get Free Report) last released its quarterly earnings data on Thursday, February 26th. The business services provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The company had revenue of $461.52 million during the quarter, compared to analyst estimates of $449.10 million.

Institutional Trading of Clear Channel Outdoor

Institutional investors and hedge funds have recently modified their holdings of the company. 140 Summer Partners LP acquired a new position in Clear Channel Outdoor in the 4th quarter valued at $8,806,000. Barclays PLC lifted its position in Clear Channel Outdoor by 3,017.0% during the 3rd quarter. Barclays PLC now owns 4,109,743 shares of the business services provider's stock worth $6,493,000 after acquiring an additional 3,977,895 shares during the last quarter. OCONNOR A Distinct Business Unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Clear Channel Outdoor during the second quarter valued at about $3,510,000. Occam Crest Management LP boosted its holdings in Clear Channel Outdoor by 423.7% during the fourth quarter. Occam Crest Management LP now owns 3,404,300 shares of the business services provider's stock valued at $7,524,000 after acquiring an additional 2,754,300 shares during the period. Finally, Marshall Wace LLP acquired a new stake in shares of Clear Channel Outdoor in the fourth quarter valued at about $5,925,000. 85.52% of the stock is currently owned by institutional investors and hedge funds.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc NYSE: CCO is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company's portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.