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Fly News Breaks for September 23, 2019
CCO
Sep 23, 2019 | 16:30 EDT
Wells Fargo analyst Steven Cahall initiated Clear Channel Outdoor with an Outperform rating and a price target of $4. The analyst believes that "elevated leverage" has caused the stock to be misunderstood, dissuading investors from realizing just how "sticky" the out-of-home category is as an effective channel. Cahall also notes that the shift to digital signage is improving yields, while advertisers are drawn to its CPM metric and its "captive audience".
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