Clear Channel Outdoor (NYSE:CCO) Given New $2.50 Price Target at Citigroup

Clear Channel Outdoor (NYSE:CCO) had its price target raised by Citigroup from $2.20 to $2.50 in a research report sent to investors on Thursday, The Fly reports. Citigroup currently has a neutral rating on the business services provider’s stock.

CCO has been the topic of a number of other research reports. Morgan Stanley increased their price target on Clear Channel Outdoor from $1.50 to $2.50 and gave the company an equal weight rating in a research report on Friday, April 30th. BMO Capital Markets reaffirmed a market perform rating on shares of Clear Channel Outdoor in a research report on Monday, May 17th. Finally, Zacks Investment Research lowered Clear Channel Outdoor from a buy rating to a hold rating in a research report on Tuesday, May 11th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $4.46.

Shares of Clear Channel Outdoor stock opened at $2.70 on Thursday. The firm’s 50-day moving average price is $2.28. Clear Channel Outdoor has a 12 month low of $0.86 and a 12 month high of $3.05. The stock has a market cap of $1.27 billion, a PE ratio of -1.97 and a beta of 2.63.

Clear Channel Outdoor (NYSE:CCO) last posted its quarterly earnings results on Sunday, May 9th. The business services provider reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.25). The business had revenue of $370.91 million during the quarter, compared to the consensus estimate of $367.85 million. Equities analysts forecast that Clear Channel Outdoor will post -0.73 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in CCO. Cambridge Investment Research Advisors Inc. grew its stake in Clear Channel Outdoor by 44.0% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 14,400 shares of the business services provider’s stock worth $26,000 after buying an additional 4,400 shares during the last quarter. Capula Management Ltd purchased a new position in Clear Channel Outdoor during the 1st quarter worth approximately $33,000. Centiva Capital LP grew its stake in Clear Channel Outdoor by 32.1% during the 1st quarter. Centiva Capital LP now owns 22,515 shares of the business services provider’s stock worth $41,000 after buying an additional 5,468 shares during the last quarter. Close Asset Management Ltd purchased a new position in Clear Channel Outdoor during the 1st quarter worth approximately $52,000. Finally, Teacher Retirement System of Texas grew its stake in Clear Channel Outdoor by 60.1% during the 4th quarter. Teacher Retirement System of Texas now owns 32,074 shares of the business services provider’s stock worth $53,000 after buying an additional 12,040 shares during the last quarter. Hedge funds and other institutional investors own 94.82% of the company’s stock.

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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