CCO - Clear Channel Outdoor price target lowered to $1.25 from $1.65 at Citi

• Citi analyst Jason Bazinet lowered the firm's price target on Clear Channel Outdoor ( CCO ) to $1.25 from $1.65 and keeps a Neutral rating on the shares.
• Due to recession fears, most advertising and entertainment stocks have declined. However, the market has pressured firms with lower contractual revenue as much as they have punished firms with low EBIT margins, which is incorrect.
• He lowered 2023 estimates on higher expense growth but left revenue estimates largely unchanged.
• Recession risks are "usually most acute for firms with high ad exposure and lower levels of contractual revenue."
• CCO's SA Quant Rating stands with a Sell whereas, Wall St. Analysts Rating says to Buy (2 Very Bullish, 1 Bullish, 1 Bearish).
• Since the start of 2022, CCO's shares were down around 63% , and over a period of one year, shares were down around 51% .
• Shares are currently +9.57% to $1.26 today.

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