The Benchmark Company Reiterates Hold Rating on Clear Channel (CCO)
The Benchmark Company is out with a research report this morning, where it reiterates its Hold rating on Clear Channel Outdoor Holdings Inc. (NYSE: CCO); it has a $12.00 price target on the stock.
The Benchmark analysts cited the company’s recent earnings release, which was slightly below estimates; revenues increased 1% year over year. International revenues were flat on a constant currency basis.
The analysts also noted that there were positive trends across all categories in the second quarter, with the company added that they see revenues pacing higher to the tune of 8% in Q3.
As for valuation, the Benchmark analysts remarked, “Clear Channel trades at 10x 2011E OIBDAN, at a slight premium to traditional media stocks. Outdoor comparable Lamar Advertising (LAMR-Hold) trades at 11x 2011E OIBDA. Our price target of $12 is based on 10x 2011E OIBDAN.”
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