UPDATE: Wedbush Downgrades Clear Channel Outdoor

According to a research report published earlier today, Wedbush has downgraded Clear Channel Outdoor Holdings CCO from Outperform to Neutral. Wedbush explained in the report, “After the 11% surge in CCO's share price on Monday on above-average volume and the announcement post-close that CCO would issue $1.25bn in debt to finance a one-time dividend, we take our rating to NEUTRAL. We estimate the dividend could be ~$3.50 per share. CCO plans to tap the hot debt market with two tranches of senior sub notes due in 2020, likely to price this week.” Wedbush maintains its $12.50 PT on Clear Channel Outdoor, which closed yesterday at $13.23.