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Fly News Breaks for March 30, 2017
IHRT, CCO
Mar 30, 2017 | 07:32 EDT
After Reuters reported earlier this month on comments from JC Decaux CEO Jean-Francois Decaux expressing interest in acquiring Clear Channel Outdoor's (CCO) U.S. business, analyst David Miller said it sounded to him "like a broken record," noting that the executive has made similar comments on many occasions before. Noting that Clear Channel shares have moved up nearly 10% over the last two weeks, Miller said he is skeptical that iHeart Media (IHRT) would sell Clear Channel Holdings unless all the assets, not just the U.S. ones, were involved and he doesn't see them disposing of it at a discount to its market multiple. He raised his price target on Clear Channel to $6 from $5.50 but keeps a Hold rating on the stock.
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