Jessica Reif Ehrlich, an analyst from Bank of America Securities, reiterated the Hold rating on iHeartMedia. The associated price target was raised to $1.90.
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Jessica Reif Ehrlich’s rating is based on iHeartMedia’s current financial outlook and market conditions. The company’s second-quarter results are expected to align with its guidance, with a slight decline in overall revenue compared to the previous year. Despite challenges in the broadcast segment, podcasting remains a strong growth area for iHeartMedia, contributing positively to its revenue streams.
Additionally, iHeartMedia is focusing on programmatic advertising to monetize unsold broadcast inventory, although significant financial impact from this initiative is not anticipated until 2025. The recent balance sheet restructuring has led to a fair valuation of the stock, prompting a Hold rating. The price objective has been adjusted to $1.90, reflecting a slight improvement due to market recovery, but further positive developments in the Multiplatform group and Broadcast radio are awaited before any upgrade in rating.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of IHRT in relation to earlier this year.