UPDATE: The Benchmark Company Lowers PT to $12 on Clear Channel Outdoor

A report from The Benchmark Company reiterates its Hold rating and lowers its price target from $14 to $12 on Clear Channel Outdoor (NYSE: CCO).

The report states, “Clear Channel Outdoor… reported better than expected 3Q11 revenue of $748 million, up 8% y/y, exceeding consensus of $730 million, driven by in International. OIBDAN of $189 million, up 7% y/y, was hindered by higher costs due to the increased digital rollout and an increased number of higher cost airport contracts. EPS of $0.01 fell short of consensus at $0.05."

CCO closed yesterday at $11.