UPDATE: Wedbush Downgrades Clear Channel Outdoor Holdings to Underperform on Weak Q4 Checks, Valuation
Wedbush reduced its rating on Clear Channel Outdoor Holdings (NYSE: CCO) from Neutral to Underperform.
Wedbush commented, "The key to our call - we reduce our 4Q12 and 2013 estimates, reflecting lower-than-expected occupancies in our proprietary billboard surveys. In both our New York City and Los Angeles surveys, national advertising declined in the mix, and thus appeared to be the main driver of the occupancy declines. We believe that secondary media such as billboards are more prone to cuts by national advertisers when ad growth is sluggish. For CCO's Americas segment, we reduce our same-store revenue growth estimate to +1.0% from +2.0%, vs. prior pacing given by CCO at the end of October of +2.0%."
Clear Channel Outdoor Holdings closed at $7.03 on Wednesday.
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