Wells Fargo & Company Forecasts Strong Price Appreciation for Clear Channel Outdoor (NYSE:CCO) Stock

Clear Channel Outdoor (NYSE:CCO) had its target price lifted by stock analysts at Wells Fargo & Company from $2.00 to $2.43 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the business services provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 1.46% from the stock’s current price.

Other analysts have also issued research reports about the company. Wall Street Zen lowered Clear Channel Outdoor from a “hold” rating to a “sell” rating in a report on Saturday, November 8th. Zacks Research downgraded Clear Channel Outdoor from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Clear Channel Outdoor in a research note on Monday, December 29th. Morgan Stanley set a $2.00 price target on shares of Clear Channel Outdoor in a report on Monday, November 10th. Finally, TD Cowen set a $2.50 price objective on shares of Clear Channel Outdoor in a report on Tuesday, February 10th. One research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $2.31.

Clear Channel Outdoor Stock Performance

Shares of NYSE CCO opened at $2.40 on Friday. The firm’s 50 day moving average price is $2.21 and its 200-day moving average price is $1.83. The company has a market cap of $1.19 billion, a PE ratio of 47.91 and a beta of 2.31. Clear Channel Outdoor has a 52-week low of $0.81 and a 52-week high of $2.43.

Clear Channel Outdoor (NYSE:CCO) last announced its quarterly earnings results on Thursday, February 26th. The business services provider reported $0.02 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $461.52 million for the quarter, compared to the consensus estimate of $449.10 million.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CCO. Captrust Financial Advisors purchased a new stake in Clear Channel Outdoor in the 4th quarter worth approximately $27,000. EntryPoint Capital LLC purchased a new stake in shares of Clear Channel Outdoor in the fourth quarter worth $28,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Clear Channel Outdoor during the 4th quarter valued at $31,000. Sargent Investment Group LLC bought a new stake in shares of Clear Channel Outdoor during the 4th quarter valued at $33,000. Finally, Sanders Morris Harris LLC bought a new position in Clear Channel Outdoor in the 3rd quarter worth $25,000. 85.52% of the stock is owned by hedge funds and other institutional investors.

About Clear Channel Outdoor

Clear Channel Outdoor Holdings, Inc (NYSE: CCO) is a global leader in out-of-home advertising, offering a wide range of static and digital displays across high-traffic environments. The company’s portfolio encompasses traditional roadside billboards, street furniture panels, transit advertising on buses and rail systems, and rapidly expanding digital networks. By combining broad geographic reach with state-of-the-art digital technology, Clear Channel Outdoor enables brands to engage consumers at key moments during their daily journeys.

Founded as a spin-off from Clear Channel Communications in 2005, Clear Channel Outdoor traces its origins to the early development of outdoor advertising in North America.