UPDATE: Miller Tabak Upgrades Clear Channel Outdoor to Buy

Miller Tabak has published a research report on Clear Channel Outdoor 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.