UPDATE: Miller Tabak Downgrades Clear Channel Outdoor to Neutral
Miller Tabak lowers its rating on Clear Channel Outdoor (NYSE: CCO) to Neutral from Buy as shares were recently buoyed from the $14 price target, which is reiterated.
Miller Tabak says, "We are downgrading our recommendation on Clear Channel Outdoor (CCO-$12.81-Neutral-Target $14) to Neutral from Buy after the recent appreciation that has brought the stock +9% away from our $14 target. The mid-range of our DCF valuation methodologies is slightly increased to a $14.02 average from $13.94, but the OIBDAN growth CAGR-driven valuation is reduced to an $11.71 midpoint from $13.27 as the stronger Euro negatively affects the International revenue and OIBDA growth estimates in 2012 and therefore our consolidated OIBDA CAGR to 9% from 10%, which in turn partially drives our valuation multiples."
CCO closed at $12.81 a share yesterday.
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