UPDATE: Miller Tabak Upgrades Clear Channel Outdoor to Buy
Miller Tabak has published a research report on Clear Channel Outdoor (NYSE: CCO) and has upgraded the company from Neutral to Buy.
In the report, Miller Tabak writes, "We are upgrading our recommendation on Clear Channel Outdoor (CCO-$10.95-Buy-Target $14) to Buy from Neutral after the stock pulled back significantly after our downgrade, now to a more attractive risk/reward level vis-à-vis our price target of $14 (the mid-range of our valuation methodologies is $13.94). Drivers could include renewed parent-company stock buyback activity, which could also help support privatization speculation, and the widely-known desire of Paris-based JCDecaux to expand its portfolio of faces."
Miller Tabak maintains its $14 price target on Clear Channel Outdoor, which is currently trading up $0.68 from yesterday's $10.95 closing price.
